Connect with us

Hi, what are you looking for?

Rooftop Solar
Courtesy: MNRE, India

Clean Power

India’s Greenko Raises $950 Million Through Green Bonds Sale

Rooftop Solar

Courtesy: MNRE, India

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.

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

An avid follower of latest developments in the Indian renewable energy sector.


You May Also Like

Green Economy

Some of the leading global pension funds are vying for a stake in the latest renewable energy yieldco offering in India. According to media...

Green Economy

Global investment firm KKR has participated in the second fundraising exercise in sixth months for India-based Serentica Renewables. According to media reports, KKR has...

Green Economy

The Indian renewable energy company Avaada has secured a massive $1.07 billion from multiple investors, including Brookfield.  According to media reports, Brookfield Renewable, part...

Clean Power

GAIL India, a government-owned natural gas distribution company, has announced plans to enter the solar module manufacturing sector. GAIL, formerly Gas Authority of India...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.