Adani Green Energy Ltd., a subsidiary of Gautam Adani’s conglomerate, has reactivated a $600 million bond deal to fund its solar-wind hybrid energy projects. This follows a delay in October caused by market volatility and rising U.S. rate yields.

Investor Engagement Underway
Three subsidiaries—Adani Hybrid Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer Two, and Adani Solar Energy Jaisalmer One—are leading the initiative. Investor calls to promote the bonds began on November 18, as disclosed in a stock-exchange filing.

Key Bond Features
The bond issuance is structured as 144A/Reg S notes, offering a 20-year maturity with a weighted average life of about 13.09 years. The bonds are expected to receive ratings of BBB-/Stable from Fitch, Baa3/Stable from Moody’s, and BBB+/Stable from CareEdge. Backed by equity shares, assets, and receivables of the issuing entities, the funds will be used to refinance foreign currency loans for solar-wind hybrid projects.

Strategic Purpose
The issuance aligns with Adani Green’s Hybrid Restricted Group Green Finance Framework, finalized in August 2024. It underscores the company’s intent to strengthen its renewable energy portfolio and address debt obligations efficiently.

Market Context
The bond deal was initially shelved in October despite reaching final price guidance with a projected yield of 7%. Rising yields and market instability pushed the company to postpone. Since then, the yield on Adani Green’s 2042 notes has risen slightly to 7.2%, indicating a challenging financial environment.

Global Collaboration
The bond issuance involves several international banks, including DBS, MUFG, and First Abu Dhabi Bank, among others. This partnership emphasizes the global interest in financing India’s clean energy transition.

By reviving this bond deal, Adani Green reaffirms its commitment to renewable energy expansion, reflecting broader trends toward sustainable finance in emerging markets.