India's Adani Green to issue USD 362m of green bonds

Photo by: Adani Solar (www.adanisolar.com).

October 4 (Renewables Now) - Indian independent power producer Adani Green Energy Ltd (BOM:541450) announced today that certain wholly-owned units seek to issue USD 362.5 million (EUR 331m) worth of green bonds.

The issuers are Adani Renewable Energy (RJ) Limited (ARERJL), Wardha Solar (Maharashtra) Private Limited (WSMPL) and Kodangal Solar Parks Private Limited (KSPPL). Adani Green said in a bourse statement that those units will use the proceeds to pay back their respective foreign currency loans, for capital expenditure, other project related liabilities or for general corporate purposes.

S&P Global Ratings, which rated the bonds at E1/90 -- the highest score on the Green Evaluation scale of E1-E4, mentioned separately that Adani Green will use the proceeds to finance and refinance solar photovoltaic (PV) projects and related transmission infrastructure in India. According to its statement, the Indian company currently has 10 utility-scale solar power plants totalling 570 MW of installed capacity.

The transaction will be settled on October 15, 2019 and the bonds will mature on the same date in 2039.

(USD 1.0 = EUR 0.912)

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