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Latham Advises on Adani Green Energy Limited’s Maiden Bond Offering

September 13, 2021
Leading Indian renewable energy company raises US$750 million to fully fund its construction pipeline.

Latham & Watkins represented Adani Green Energy Limited (AGEL), one of India’s largest renewable energy companies, in its maiden US$750 million senior notes offering through a 3 year issuance at a fixed coupon of 4.375%.

The issuance was oversubscribed by 4.7 times. Subject to compliance with applicable laws and regulations, AGEL intends to use the proceeds of the issuance for onward lending to its subsidiaries for capital expenditure requirements to fund the development of utility scale projects.

Latham has previously advised AGEL’s subsidiaries on two green bond offerings, and has advised the Adani Group on over US$12.5 billion in financings to date.

The deal team was led by Singapore partners Rajiv Gupta and Timothy Hia and Seoul partner Sukjoon (Richard) Lee, with Singapore associate Sarah Soh and Hong Kong associate Li-Kang Ker. Advice on English law was provided by London partner Manoj Tulsiani and advice on tax matters was provided by New York partner Jiyeon Lee-Lim with associate Lauren Bewley.

About Adani Green Energy Ltd

AGEL is one of the largest renewable companies in India, with a current project portfolio of 13,990 MW. AGEL is part of the Adani Group’s promise to provide a better, cleaner and greener future for India. Driven by the Group’s philosophy of ‘Growth with Goodness’, the Company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. The electricity generated is supplied to central and state government entities and government-backed corporations.

About Latham’s India Practice

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$90 billion since 2018.