Adani Green Strategies to Issue Green Bonds Worth $12 Billion in Subsequent 4-5 Years

The proposed green bond sale is likely from May next year, with the company raising $2-3 billion annually. The green bond proceeds are mandated to be used to produce non-conventional energy

June 15, 2020. By News Bureau

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Adani Green Energy Ltd has announced that it plans to raise up to $12 billion through sales of green bonds over the subsequent four to five years to fund billionaire Gautam Adani’s plan to make it the world’s biggest renewable energy player.

This will be India’s largest sale of green paper and it is expected to catalyze the country’s dreary green bond market in sync with the government’s focus on solar and wind energy. Last year, the sale of global green bonds and loans rose 50 per cent to an estimated $255 billion, making it an attractive option for solar and wind energy companies.

“AGEL, with current issued bonds, planned issuance of under-development assets and committed pipeline of assets, will end up with close to $10 to 12 billion of green bonds over the next four to five years,” Adani group CFO Jugeshinder Singh told. “This is consistent with our public commitment of 25,000 MW capacity by 2025.”

The proposed green bond sale is likely from May next year, with the company raising $2-3 billion annually. The green bond proceeds are mandated to be used to produce non-conventional energy.

Climate Bonds Initiative, an international body that did not certify Adani Green’s proposed offshore green bond sale in May last year, now hinted at approving future issuances. Adani Green raised $362.5 million in October through the same route.

“We incredibly support you on renewable plans,” Sean Kidney, cofounder of Climate Bonds Initiative, said in an exclusive webinar on non-conventional energy organized by Climate Bonds, FICCI and MUFG Bank. “We applaud what you are doing on the solar side. Our job is to push you on the coal side and welcome you on the green side.”

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