Adani Energy Solutions is working on a US private placement of bonds worth $360 million, while it is also looking to launch the proposed $1-billion qualified institutional placement, early next year.

The company, which was formerly Adani Transmission, is readying the paperwork for a bond offering in the US markets, as part of its debt management plan. The bonds will be secured against transmission assets commissioned in the last 3-4 years. The company is keen on this issuance early next year, Adani Energy’s Chief Financial Officer Rohit Soni said in an investor call.

In addition, it is also working to launch the ₹8,500-crore worth QIP in the March quarter of 2024. In May this year, the company’s board approved raising that money and obtained shareholder approval for it in June. While that approval is valid for a year, the company plans to raise the funds before FY24-end, Soni said.

Though the existing projects are well-funded, the company possesses a strong pipeline of projects with the potential for additional ones that will need extra capital.

Expansion plans

In the second quarter of FY24 in the transmission segment, the company had added 219 circuit kilometres (ckm) of operational network ending the quarter with a total network length of 19,862 ckm. It has a pipeline of ₹15,000 crore in transmission and ₹23,000 crore in smart metering. In the distribution business under Adani Electricity Mumbai, it is now getting into new geographies such as Navi Mumbai, Greater Noida and Mundra.

Of its planned capex of ₹5,000-6,000 crore in FY24, it has already incurred ₹2,500 crore in the first half.

Adani Energy Solutions ended September quarter with a consolidated net debt of ₹29,000 crore, of which Adani Electricity Mumbai’s net debt is ₹8,167 crore.

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