India’s Adani Green units plan dollar senior secured green bonds

By Sarah Lizee

Olympia, Wash., Sept. 24 – Adani Green Energy Ltd. subsidiaries Adani Renewable Energy (RJ) Ltd., Wardha Solar (Maharashtra) Pte. Ltd. and Kodangal Solar Parks Pte. Ltd. may offer benchmark-size dollar-denominated senior secured green bonds, according to a notice.

The group appointed Barclays, Citigroup, Credit Suisse, Deutsche Bank. JPMorgan, MUFG and Standard Chartered Bank as joint global coordinators and joint bookrunners to arrange a series of fixed income investor meetings in Asia, Europe and the United States starting Sept. 25.

The Rule 144A and Regulation S 20-year senior secured green bonds, with a weighted average maturity of 13.35 years, may follow, subject to market conditions.

The bonds are expected to be rated Baa3 by Moody’s Investors Service and BBB- by Fitch Ratings.

Adani is a solar power generation and manufacturing company based in Ahmedabad, India.

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