New Delhi, Oct 15 (IANS) Adani Green Energy Ltd (AGEL), Adani Group’s renewable arm and India’s largest renewable energy company, has deferred its $1.2 billion IG rated offering to after the US presidential elections on account of weak market conditions.

The Hybrid RG comprises 1,840 MW operational wind solar hybrid assets, with an IG rating from Fitch and Moody’s ratings.

This is one of the strongest credits from the Indian renewables market.

According to sources, the deal would now be executed after the US elections next month and is expected to be lapped up by investors on account of its attractive credit highlights.

Proceeds from the proposed bond will be used to repay foreign-currency loans.

The launch received positive response but the company decided to defer to better market conditions to achieve tighter pricing.

Some of the most high-quality investors were part of the book, including large global insurance companies, asset managers and long only investors.

The company is considering two windows immediately after the US elections or second week of January 2025 after the New Year break.

Meanwhile, Adani Green Energy Ltd reported robust results for the April-June quarter (Q1) of the current fiscal, clocking a 23 per cent industry-leading EBITDA growth at Rs 2,374 crore, as cash profit surged 32 per cent (year-on-year) to Rs 1,390 crore.

The total revenue for India’s largest and fastest-growing pure-play renewable energy company grew an impressive 24 per cent to Rs 2,528 crore in the quarter.