Ahmedabad, Sep 9 : Adani Green Energy Ltd (AGEL) on Monday said it has completed the redemption of all outstanding 750 million dollars Holdco Notes (4.375 per cent) through a fully-funded redemption reserve account.

The Adani Group company, in January, announced to fully backstop the Holdco Notes through a redemption reserve account, maintained eight months before the redemption date to facilitate full redemption of Holdco Notes upon maturity in compliance with applicable guidelines.

Issued in September 2021, the three-year Holdco Notes have supported AGEL’s high-growth objectives, the company said in a statement.

The Holdco Notes were meant to fund AGEL’s accelerated growth. During the period, AGEL’s capacity has increased more than three-fold -- from 3.5 GW to 11.2 GW, registering a CAGR (compounded annual growth rate) of 48 per cent.

“Now that AGEL has delivered the accelerated growth plan, it is redeeming the Notes through cash rather than refinancing,” said the company.

“Strong cash flows of operational assets and the construction facility framework agreement fully fund the overall capex program to achieve 50 GW capacity by FY30,” it noted.

With surplus cash from operating assets augmenting the under-construction projects’ requirement, AGEL’s overall capex programme remains fully funded with such operational assets' cash flows and the available construction facility pool.