Adani Green raises $362.5 million from green bonds to refinance debt

Adani Group’s renewable energy arm — Adani Green Energy (AGEL)—raised $362.5 million from the dollar bond market and has earmarked the proceeds for refinancing debt, among other uses.

Accounts from the US picked up 24% of the bonds, 60% were picked up by Asian accounts and 16% of the bonds were subscribed by investors in Europe, West Asia and Africa. As on September 30, AGEL’s net debt stood at Rs. 10,966 crore.

AGEL’s green bonds “became India’s first investment-grade offering from the nation’s renewable energy sector to global investors,” the company said.