Adani Green Energy establishes two new subsidiaries
What's the story
Adani Green Energy Ltd. has formed two new subsidiaries, Adani Renewable Energy Fifty One Ltd. and Adani Renewable Energy Fifty Five Ltd.
These companies were formed under the Adani Group's existing branches, Adani Saur Urja and Adani Renewable Energy Holding Nine.
These new companies aim to produce, distribute, and sell power generated from renewable sources like wind and solar energy.
The primary goal of these wholly-owned subsidiaries is to tap into various renewable energy sources for electricity generation and distribution.
Details
Debt facility worth $1.36 billion secured for renewable energy park
Recently, Adani Green Energy secured a $1.36 billion senior debt facility for its largest project financing deal, supporting the construction of a renewable energy park in Khavda, Gujarat.
This funding is part of the company's broader Construction Financing Framework, which has accumulated a $3 billion funding pool since March 2021.
Prominent lenders such as BNP Paribas, Cooperative Rabobank, DBS Bank, Intesa Sanpaolo, MUFG Bank, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation provided the green loan facility.
What Next?
Company's plans raise $410 million through bond issuance
In other news, Adani Green Energy plans to raise around $410 million through a new bond issuance to refinance an existing dollar note due to mature in about a year.
This strategic financial move led to a 5.65% surge in the company's shares, trading at Rs. 1,508 apiece on the National Stock Exchange (NSE) on Wednesday.
Additionally, Adani Energy Solutions has incorporated a wholly-owned subsidiary, Sunrays Infra Space Two, for power transmission, distribution, and supply among other services.