Adani Green Energy has already secured the funds needed to redeem $750 million worth of bonds maturing in September this year, the company said.
Detailing its redemption plan, the company said it has $169 million held in reserve accounts, $300 million has been received from TotalEnergies’ - as consideration for a 1050 MW JV - and $281 million is expected by the end of this month as the initial tranche of the preferential allotment to the promoter group.
The company said that all the money, which will be used to redeem the outstanding notes, has been fully secured through cash balances set aside as part of various reserve accounts securing them.
As a result, the entire amount of the “$750 million Holdco notes is fully secured eight months prior to its maturity date,” the company said.
The company said that the infusion of funds by its promoters and the funds from TotalEnergies was an indicator of the commitment of the promoter group and the interest of its long-term investors.
Under the terms of offering, the company has to submit a finance plan to its noteholders at least 12 months prior to its maturity.
Adani Green, which has a debt in the region of $7 billion, had in the first week of December raised around $1.4 billion from eight international banks to fund a massive renewable energy project coming up in Khavda, Gujarat.