Adani Green Energy (AGEL) has redeemed $750 million 4.375% Holdco Notes through a fully funded redemption reserve account maintained since January 2024.

In January 2024, AGEL announced its full support for backing the Holdco Notes. This entails establishing a fully funded redemption reserve account eight months before the redemption date. The account will facilitate the complete redemption of Holdco Notes upon maturity in accordance with relevant guidelines.

The Holdco Notes supported the company’s high-growth objectives. During the period, AGEL’s capacity energy increased more than three times, from 3.5 GW to 11.2 GW, registering a compounded annual growth rate of 48%.

The company’s overall capex program remains funded through operational assets cash flow. It plans to achieve its goal of 50 GW capacity by the financial year 2030.

AGEL’s promoters agreed to subscribe to a preferential warrant totaling ₹93.5 billion (~$1.11 billion) in December 2023. Of this amount, ₹70.13 billion (~$835 million) will be available to AGEL to fund accelerated capital expenditure requirements.

The company recently also reported that its revenue surged by 24% year-over-year to ₹25.28 billion (~$301 million) in the first quarter of financial year 2025, driven primarily by capacity additions. The revenue growth was accompanied by a 23% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), which reached ₹23.74 billion (~$283 million) at an EBITDA margin of 92.6%.

The company also reported a 32% jump in cash profit, which climbed to ₹13.90 billion (~$166 million), underpinned by AGEL’s expanding operational footprint, with its capacity growing by 31% to reach 10,934 MW.

Adani Green also announced a joint venture with TotalEnergies to manage a portfolio of 1,150 MW solar projects at the Khavda renewable energy project in Gujarat. While AGEL plans to contribute its current assets to the projects, TotalEnergies will invest $444 million to speed up its development.

The electricity generated from the projects will be sold through power purchase agreements with Solar Energy Corporation of India and sales in the wholesale market.