This issuance establishes AGEL as India's leading credit in the renewable sector with a robust and well defined capital management plan. The funds shall be utilised towards equity funding of the capex for underlying renewable projects under construction by AGEL. Under the structure, AGEL can draw upto USD 1,700 million (including the present issuance) over the course of time subject to the covenants of the structure. The notes were rated Ba3 (Stable) by Moodys.
Earlier in the year, AGEL had completed the tie-up of a USD 1.35 billion revolving construction framework arrangement for senior debt funding of construction stage projects. With this USD 750 million ListCo issuance, AGEL has completed the final phase of its capital management plan, and now has a fully funded program for both debt and equity for its stated target of 25 GW by 2025.
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