Adani Green repays $750 mn bonds using cash, reserves, skips refinancing

Adani Green said that its capital strategy relies on cash flow generated from its operational assets and a construction facility framework agreement.

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26 Aug, 2025 12:21

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Adani Green Energy Ltd said it has fully repaid its $750 million ‘Holdco Notes’ or bonds used to fund its expansion over the past three years, using its cash reserves and a fully funded redemption reserve account, avoiding the need for refinancing.

In January, Adani Green set aside funds to redeem the 4.38-percent Holdco Notes due on September 8, it said in a stock exchange filing on September 9. Holdco Notes are typically debt instruments sold by a holding company. They are subordinate to any senior or subordinated debt issued by the group, meaning they have a lower priority for repayment in case of insolvency.

The bonds were initially issued in September 2021 to support Adani Green Energy’s growth plan over the past three years. During this period, Adani Green more than tripled its capacity from 3.5 GW to 11.2 GW at an annual average pace of 48 percent.

Adani Green said that its capital strategy relies on cash flow generated from its operational assets and a construction facility framework agreement. The company plans to achieve 50 GW of renewable energy capacity by FY30.

Its promoters have also subscribed to a preferential warrant amounting to Rs 9,350 crore, of which Rs 7,013 crore will be available to meet any additional capital expenditure needs.

Adani Green Energy said that its capital management plan focuses on maintaining a predictable cash flow stream to fund future growth. The company expects to support its expansion projects with the proceeds from its operating assets.

The company said it plans to meet investment-grade credit standards for its debt, focusing on issuing capital specifically for long-term infrastructure projects. This would be supported by consistent and reliable cash flows to match the long lifespan of these assets.

Adani Green’s share price was trading in red in the early trade at Rs 1,845 apiece on the NSE. Year to date, the stock has surged 15.6 percent on the BSE. In the past three years, the shares have delivered 52 percent returns.

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