Adani Green Energy Ltd, the renewable energy firm of Indian billionaire Gautam Adani’s group, is looking to raise $409 million via US dollar-denominated bonds to repay a loan due this year.

The offering will have an 18-year tenor and its proceeds will be used to redeem $500 million in notes due in 2024, the conglomerate said in a bourse filing on Tuesday.

It will be the company’s first international bond sale since Hindenburg Research published a report in January 2023, accusing Adani of fraud and raising concerns about his company’s high debt levels.

Several banks, including Barclays, Deutsche Bank – Singapore Branch, Emirates NBD, First Abu Dhabi Bank, Societe Generale and Standard Chartered, among others, have been appointed bookrunners.

They will arrange a series of fixed income investor meetings in Asia, the Middle East, Europe and the United States starting today, February 28.

Adani Green Energy develops, builds, owns and operates solar and wind farm projects. It boasts a project portfolio of 20,434 megawatts.

(Writing by Cleofe Maceda; editing by Seban Scaria)