NEW DELHI: Adani Green Energy Ltd, the renewable energy arm of billionaire Gautam Adani’s conglomerate, plans to raise $409 million through US dollar-denominated bonds to repay a debt obligation falling this year.

In a regulatory filing, the company said the bond will have a door-to-door tenor of 18 years.

The proceeds will be used to redeem the $500 million 6.25 per cent senior secured notes due 2024, it said adding these notes were issued on June 10, 2019. Three subsidiaries of Adani Green Energy Twenty-three Ltd, a unit of AGEL, are co-issuers.

AGEL has a portfolio of 20,844 MW of operational and under execution projects to produce electricity from solar energy. Separately, Fitch Ratings said it has the proposed bond issue an expected rating of ‘BBB-(EXP)’. ‘’The Outlook is Stable.’’