Thu Nov 21 05:13:39 UTC 2024: ## Adani Green Revives $600 Million Bond Offering Amidst Rising US Yields
**Mumbai, India – November 18, 2024** – Adani Green Energy has relaunched its US dollar bond offering, seeking to raise approximately $600 million through its subsidiaries, Adani Hybrid Energy Jaisalmer and Adani Solar Energy Jaisalmer. The 20-year bonds will be used to repay existing foreign currency loans. This follows a previous postponement due to investor concerns over pricing.
The offering comes at a time of rising US bond yields, creating uncertainty surrounding future Federal Reserve rate cuts. Despite this, Adani Green is proceeding, leveraging its 1,140 MW Hybrid Renewable Cluster in Rajasthan, which benefits from long-term power purchase agreements.
Nine banks – DBS Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, Mizuho Securities, MUFG Securities, SMBC Nikko Securities, and SBI’s London branch – are acting as joint bookrunners for the offering. Investor calls are scheduled to begin on Monday.
Shares of Adani Green Energy saw a slight decline on Friday, mirroring broader market trends. The company’s move comes as India pushes towards a 500 GW renewable energy capacity target by 2030, with renewable energy becoming increasingly cost-competitive.
First Piper 