Adani Green delays $1.2 billion bond sale as market worries mount

Gautam ani-led conglomerate ani Green Energy has postponed sale of its $1.2 billion in bonds amidst thin market conditions and a lack of clarity over result of US presidential elections.

clean-energy part of conglomerate h planned to issue a 20-year green note as part of its financing strategy. However, after launching investment-gre Hybrid RG notes, company decided to delay issuing to a later date with aim of achieving a tighter pricing outcome.

Sources familiar with matter said that events around US elections contributed to this decision, in which ani Green ultimately concluded that immediate options such as onshore bonds and bank financing would yield better results. Proceeds from bond issue were to be used to refinance loans taken in foreign currency.

Though company received a good response to bond launch, it is of view that waiting for better market conditions will improve pricing opportunity. Currently, ani Green is considering two window options for bond issuance in windows: immediately after US elections or in second week of January 2025, after New Year break.

Underwritten by 1,840 MW of operational wind-solar hybrid assets, Hybrid RG notes carry investment-gre ratings from Fitch and Moody's, making m a strong credit option within renewable energy space in India.