In today’s briefing:
- Kansai Electric US$3.5bn Deal Updates – Has Delivered a Decent Correction, as Compared to past Deals
- Adani Green Energy – Event Flash – US Charges Gautam Adani And 2 AGEL Executives
- Adani Green Energy – ESG Report – Lucror Analytics
- SPRU: Adjusting Estimates Post 3Q24 Results; Acquisition an Upside Risk to Our Outlook
Kansai Electric US$3.5bn Deal Updates – Has Delivered a Decent Correction, as Compared to past Deals
- Kansai Electric Power (9503 JP) plans to raise up to US$3.5bn (including over-allocation) to partly fund its investment plans.
- In our earlier note, we talked about the placement and ran the deal through our ECM framework.
- In this note, we talk about the updates and share price performance since then.
Adani Green Energy – Event Flash – US Charges Gautam Adani And 2 AGEL Executives
- The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from Hindenburg Research’s short-sell report in January 2023.
- In the near term, the US indictment is likely to constrain the group’s access to financing, particularly in the offshore market.
- We note that the Justice Department’s charges are directed at the individual executives, not at Adani Green Energy or other group entities.
Adani Green Energy – ESG Report – Lucror Analytics
- Adani Green Energy Limited (AGEL) is one of the world’s largest developers and operators of solar and wind power.
- The company’s assets are geographically diversified across India, with total locked-in capacity of 20.4 GW (of which 10.9 GW was operational as of June 2024).
- AGEL is listed on the Bombay Stock Exchange and National Stock Exchange of India.
SPRU: Adjusting Estimates Post 3Q24 Results; Acquisition an Upside Risk to Our Outlook
- Following 3Q24 results, we update our outlook for Spruce, a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).
- Spruce grows through the acquisition of mature portfolios.
- Its portfolio has expanded at a 29% CAGR since 2018 and Spruce now owns the cash flow from approximately 75,000 home solar assets and contracts.
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