Indian renewable energy company Adani Green Energy (AGEL) has raised $750m in funding through green bonds to fund the equity needs of its renewable assets currently under construction.

The funding was raised through a three-year maiden ListCo senior issuance under the 144A / Reg S format at a 4.375% fixed coupon.

This will complete the final phase of AGEL’s fundraising programme for debt and equity to install 25GW of renewable power capacity by 2025.

In March, the company signed a $1.35bn revolving construction framework arrangement with international lenders for the projects. A total of 12 financial institutions approved the hybrid project loan in India.

Under the terms of the new structure, AGEL will be able to obtain up to $1,700m, including the present issuance, over the course of time subject to the agreements of the structure.

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AGEL managing director and CEO Vneet Jaain said: “The 4.7X oversubscription of this issuance is testimony of the confidence of global investors in the world’s fastest-growing Renewable Energy platform and Adani’s capability to set up a world-class clean energy business.

“This ListCo Senior Green Bond issuance is yet another landmark transaction for AGEL and fully funds our pipeline of projects and reinforces our commitment towards being a sustainability-focused global infrastructure platform.

“We expect to further accelerate our footprint and are firmly on track to become the world’s largest renewable energy company by 2030.”

The joint lead managers to the issuance include DBS Bank, IMI-Intesa Sanpaolo, BNP Paribas, MUFG, Axis Bank, Barclays, Emirates NBD Capital, Mizuho Securities, SMBC Nikko and Standard Chartered Bank.

In May, AGEL agreed to acquire a complete stake in SB Energy India from SoftBank Group and the Bharti Group for Rs260bn ($3.5bn).

The deal was said to be the largest in India’s renewable sector and will add 4,954MW of capacity to AGEL’s renewable portfolio.