MUMBAI: India’s Adani Green Energy Ltd said on Monday it plans to redeem $750 million worth of notes due on Sept. 9, eight months before they mature.

The company, part of billionaire Gautam-Adani’s ports-to-power conglomerate, said it will pay $169 million from its reserves and internal accruals, and $300 million from the consideration from a joint venture with TotalEnergies Renewables.

It expects the remaining $281 million to come by the end of this month from the initial tranche from a preferential issue of warrants.

This, the company said, will also result in significant deleveraging by way of equity proceeds.

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Adani Green said the notes are holdco, or holding company, notes. Around 56% of Adani Green is held by Adani family groups.

Adani Green may tap the overseas bond market and issue Regulation-S and Regulation-D bonds in 2024, Adani Group Chief Financial Officer Jugeshinder Singh said in December.

The company will need to raise $350 million via notes to refinance debt maturing in December 2024, Singh had said.