Adani Energy Solutions raises $500 million from Apollo Global through dollar bonds
Mumbai: Adani Transmission Step-One Limited (ATSOL), a wholly owned subsidiary of Adani Energy Solutions Limited, has raised $500 million through privately placed dollar debentures with Apollo Global Management, according to two people in the know. A spokesperson for Apollo Global later confirmed the transaction in an email to . Mint.
The capital will be used to refinance $500 million of ATSOL bonds that will mature in early August. ATSOL issued these bonds with a 4 percent coupon in 2016, according to Bloomberg data.
In January, ATSOL’s Baa3 senior secured bond rating was affirmed by Moody’s and its outlook was changed from negative to stable. This rating is in line with the American credit assessor’s rating for India and is the lowest tier of investment grade.
“The approval of ATSOL’s senior secured bond ratings reflects the company’s close credit links with its wholly owned parent, Adani Energy Solutions Limited (AESL), due to AESL’s guarantee on the rated bonds and default provisions related to AESL’s bankruptcy,” the rating agency said in a Jan. 15 note. “AESL’s credit profile reflects its diversified portfolio of quality transmission and distribution assets that benefit from supportive regulatory regimes or fixed-rate long-term contracts,” he added. Meanwhile, Moody’s said the stable outlook was driven by AESL’s continued stable operating performance.
Adani Group did not immediately respond to this situation mint request for comment.
big investments
AESL’s net debt ₹36,113 crore as of September 2025. It did not disclose its net debt as of Dec. 31 in its last earnings presentation.
The company is in the midst of an extensive capital expenditure (capex) cycle and has invested. ₹9,294 crore in the first nine months of FY26, 25% more than the same period last year. A large part of these investment expenditures ( ₹5,459 crore) was spent on installation of power transmission lines, investments in smart meter installation tripled ₹2,620 crore.
The company’s capital expenditure on transmission lines is on average ₹The company will generate Rs 18,000-20,000 crore annually in the next five years by executing two high voltage direct current (HVDC) transmission projects in Rajasthan and Uttar Pradesh, the company’s CEO Kandarp Patel said in his investor call on January 23.
AESL, previously called Adani Transmission Limited, was spun off from Adani Power Limited a decade ago. It is India’s largest private sector power transmission and distribution company with high voltage lines in 16 states.
The company’s shares were traded at ₹Sensex, which has fallen more than 4% since the start of 2026, was at 998.8 as of 12:30 pm on Wednesday. Sensex fell nearly 10% during this period due to net selling by foreign investors amid global uncertainty.
