Aditya Birla Renewables (ABReL), the Aditya Birla Group’s renewable energy arm, has raised ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures.

These include 2.5 million unsecured, listed, rated, redeemable, and non-convertible debentures with a face value of ₹0.1 million (~$1,197.03). The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million).

The company has raised the amount at a coupon rate of 8.6% per annum, payable annually and redeemable on the completion of three years from the date of allotment.

The debentures will mature on September 24, 2027.

In case of default of interest or/and principal payment on the due date, the company will pay additional interest monthly at 2% over the documented rate.

Mumbai-based Aditya Birla Renewables is involved in developing, implementing, and managing renewable energy projects, primarily focusing on solar and wind power generation.

In 2022, Aditya Birla won 300 MW in Gujarat Urja Vikas Nigam’s auction to develop 500 MW of solar projects, quoting a tariff of ₹2.30 (~$0.0296)/kWh.

According to Mercom’s India Solar Market Leaderboard 1H 2023, Aditya Birla Renewables emerged as one of the top utility-scale solar project developers in the first half of the calendar year 2023. The company had a market share of 4.4%.

In March 2024, Grasim Industries, another one of Aditya Birla Group’s companies, announced that it secured an investment of ₹12.5 billion (~$150.3 million) from the International Finance Corporation, the private sector arm of the World Bank Group.

Last October, Birla Carbon, an Aditya Birla Group company, acquired Nanocyl, a multi-wall carbon nanotube manufacturer based in Sambreville, Belgium. The acquisition will help the company, a manufacturer and supplier of carbon black, expand its presence in materials critical to lithium-ion battery performance.