Adani Green energy may explore private placement route to finance bonds

In March 2024, Adani Green successfully raised $409 million through a dollar bond offering, marking its return to dollar bond markets for the first time since the Hindenburg episode in January 2023.

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26 Aug, 2025 12:21

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Adani Green Energy Ltd, the renewable energy arm of the Adani Group, is likely to pursue a private placement route to raise part of its long-term debt financing, sources have told Moneycontrol.

Bloomberg reported on October 15 that Adani Green had decided to put off its $1.2-billion bond offering, which aimed to replace loans taken for the construction of solar and wind assets with 20-year bonds.

Sources said while the proposed bond offering attracted significant interest from Asian and European investors, some chose to wait for the outcome of the November 5 US presidential election.

The company is expected to revisit the bond market in December.

In the meantime, Adani Green is exploring options to raise approximately $300-400 million through a private placement targeting international investors, sources said. The funds would be used to refinance part of the loans associated with certain solar and wind assets.

A private placement involves selling bonds to a select group of investors and institutions instead of an exchange, which allows companies to raise capital without taking the initial public offering (IPO) route.

The Adani Group had not responded to Moneycontrol’s emailed queries at the time of publishing of the report.

In March, Adani Green raised $409 million, marking its return to dollar bond markets for the first time after the release of the Hindenburg report late in January 2023.

The offering was intended to refinance loans for a group of hybrid renewable energy projects with a total capacity of 1,840 megawatts (MW) in Rajasthan.

Of this capacity, 1,140 MW has power purchase agreements (PPAs) with the state-owned Solar Energy Corporation of India, while the remaining 700 MW is contracted with Adani Electricity Mumbai Limited, the group's electricity distribution company serving large areas of Mumbai.

As of June 30, the total outstanding debt of these renewable assets was Rs 12,827 crore.

At 1.21 pm, the Adani Green stock was trading at Rs 1,688 on the National Stock Exchange, down 0.83 percent from the previous close.