Adani Green Energy announces incorporation of step-down subsidiaries

Adani Green Energy Ltd on Thursday announced that its subsidiary, Adani Saur Urja, has incorporated its wholly-owned subsidiary, Adani Renewable Energy Fifty One Ltd. Its other subsidiary, Adani Renewable Energy Holding Nine Ltd, has also incorporated Adani Renewable Energy Fifty Five Limited.

"The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sell, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy," the company said in an announcement on Thursday.

Adani Saur Urja Limited and Adani Renewable Energy Holding Nine Limited, wholly-owned subsidiaries of the company, hold 100 per cent share capital of Adani Renewable Energy Fifty-One and Adani Renewable Energy Fifty Five respectively.

Earlier this month. Adani Green also announced that it has sealed its largest project financing of a $1.36 billion senior debt facility. The funds are to be utilised towards the development of its planned renewable energy park at Khavda in Gujarat.

The company added that the latest project finance is part of its Construction Financing Framework to enhance the funding pool to US $3 billion since the initial project financing in March 2021.

The green loan facility has been extended by a consortium of lenders, which include – 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.

Moreover, it is also planning to raise about $410 million via new bond issuance to refinance a dollar note maturing in roughly a year.

On Wednesday, at 11 am, the company's shares were trading 5 per cent in the green at Rs 1,499 apiece on BSE.