Last week, AGEL said it has raised $362.5 million through a dollar bond issuance. “The Issuers intend to use all of the proceeds to repay their respective foreign currency loans, rupee borrowing and the balance of the net proceeds for capital expenditure, other project related liabilities or for general corporate purposes, in accordance with guidelines prescribed by the Reserve Bank of India (RBI),” the company said in a press release.
The proceeds raised through the bond issuance will be used explicitly for Adani Green Energy
Restricted Group (RG-2). RG-2 is AGEL’s new restricted group, and comprises three wholly owned subsidiaries - Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Park Private Limited and Adani Renewable Energy (RJ).
Moody's Investors Service has assigned a first-time provisional rating of (P) Baa3 to the proposed 20-year USD-backed senior secured notes to be issued under the newly-established Adani Green Energy
Restricted Group (RG-2). The rating outlook is stable.
The stable rating outlook reflects Moody's expectation that RG-2 will continue to exhibit debt service coverage ratio (DSCR) consistent with the tolerance level set for its (P)Baa3 rating over the next 12-18 months, supported by its long-term power purchase agreements and high EBITDA margin operation.
Earlier on August 29, AGEL announced it will acquire Essel Infra's 205 megawatt (Mw) of solar assets for Rs 1,300 crore. The assets are located in Punjab, Karnataka, and Uttar Pradesh. All these assets have long-term power purchase agreements with various state electricity distribution companies, the company said.
At 03:12 pm; AGEL was trading 12 per cent higher at Rs 89.40 on the BSE, as compared to 1.2 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped 2.3-fold with a combined 9.23 million equity shares changed hands on the NSE and BSE so far.