Adani Green Energy forms two new subsidiary companies
- ByStartupStory | December 14, 2023
Adani Green Energy Ltd disclosed the formation of two new subsidiaries through its existing subsidiaries, Adani Saur Urja and Adani Renewable Energy Holding Nine. The newly incorporated companies, Adani Renewable Energy Fifty One Ltd and Adani Renewable Energy Fifty Five Ltd, aim to engage in the generation, distribution, and sale of power derived from renewable sources such as wind and solar energy.
These subsidiaries, wholly owned by Adani Green Energy Ltd, have been established with the primary objective of harnessing various renewable energy sources for electricity production and distribution, marking a strategic move in the renewable energy sector.
In addition to this development, the company recently finalized its largest project financing deal, securing a $1.36 billion senior debt facility. This substantial funding will support the construction of a renewable energy park in Khavda, Gujarat. This financial infusion is part of Adani Green’s broader Construction Financing Framework, which has now amassed a funding pool of $3 billion since its initial project financing in March 2021.
The substantial green loan facility was provided by a consortium of prominent lenders, including BNP Paribas, Cooperative Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.
Furthermore, the company is planning to raise approximately $410 million through a new bond issuance to refinance an existing dollar note set to mature in about a year. This move is part of its strategic financial management.
Reflecting these developments, Adani Green Energy Ltd’s shares witnessed a 5 percent surge in trading at Rs 1,499 apiece on the Bombay Stock Exchange (BSE) by 11 am on Wednesday.
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