Adani Green Energy raises $750 million to fund equity of under construction projects
Adani Green Energy (AGEL) has raised $750 million through its maiden ListCo senior issuance under the 144A/Reg S format. The format allows issuers to broaden their investor base and to access large, highly capitalised US institutional investors in the private placement market.
The renewable power producer said that the funds will be utilised to finance the equity part of the capex for underlying renewable under construction projects. “Under the structure, AGEL can draw upto $1,700 million or $1.7 billion (including the present issuance) over the course of time subject to the covenants of the structure,” the company said.
