India’s Greenko Raises $950 Million Through Green Bonds Sale
One of India’s leading renewable energy generation companies is on a fundraising spree. Greenko Energy Holdings recently raised funds by selling green bonds, for the second time in nearly two years.
According to media reports, Greenko successfully raised $950 million in green bond sales. The bonds were priced at a yield of 5.5% which is highly attractive compared to green bonds issued by companies and entities in the developed markets. As a result, the bond issue saw three times oversubscription and the entire process was completed within five days.
Greenko completed this fresh fundraising exercise within weeks of raising $824 million through equity funding from existing investors GIC and Abu Dhabi Investment Authority (ADIA). Singapore’s sovereign growth fund GIC is the majority shareholder in the company.
While the equity funding will be used for the implementation of two energy storage projects, the planned utilisation of proceeds from the green bonds is currently unknown. Greenko reportedly has operational assets of 4.2 gigawatts and an additional 7 gigawatts of capacity under-development.
This is the third known instance of Greenko raising funds through green bonds. In July 2017 the company raised $1 billion through green bonds in the largest such fundraising activity in Asia. The proceeds from that green bond were used to refinance the company’s first green bond issued in 2014.
Greenko had acquired assets of SunEdison India and used a part of the 2014 green bond proceeds to refinance the debt it had inherited with its acquisition.
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Latest CleanTechnica.TV Video
CleanTechnica uses affiliate links. See our policy here.
