Adani Electricity Mumbai (AEML), an integrated utilities arm of Adani Transmission, on Friday said it has set up a $2-billion global medium-term notes programme (GMTN). It added that the GMTN programme and the sustainability-linked bond issuance is the next step in its capital management plan.
AEML also settled the maiden takedown of $300 million under the programme on Friday. The order-book for the takedown was oversubscribed by 9.2 times by high quality real money global investors and the global geographical split of the investors was Asia, EMEA, and North America.
The first takedown of $300 million was priced through 10-year notes. With this, the company’s capital management plan enters the second phase with 100 per cent of the term debt being placed in the international capital markets with the overall maturity now increased to about nine years.
“The challenging short-term targets of increasing the renewable energy penetration in AEML’s power purchase mix from the current 3 per cent to 30 per cent by 2023 and then 60 per cent by 2027 are legally covenanted targets which are consistent with the COP26 targets,” said Kandarp Patel, managing director and chief executive officer, AEML.