BackAcme raises $334 million through green bonds
The bonds will be issued by an offshore company and the proceeds will be used for subscription of non-convertible debentures issued by Acme’s projects
PremiumNew Delhi: Acme Solar Holdings Pvt. Ltd on Friday said it has raised $334 million through dollar-denominated green bonds. This comes against the backdrop of a flurry of green bonds by Indian clean energy developers with a growing global focus on environment, sustainability and governance (ESG) investing.
“Twelve projects of Acme Solar Holdings Pvt. Ltd (ACME) today agreed to a debt investment of approximately $334 million through dollar-denominated green bonds that were successfully priced on Friday," the firm said in a statement.
Acme Solar recently roped in Brookfield Renewable Partners for jointly setting up a solar project in Rajasthan, as part of its playbook to sell equity stake in its projects. Denmark’s state-owned fund IFU, UNOPS’ S3i, and Norway’s Scatec also took stakes in separate Acme Solar projects in Rajasthan.
“The bonds will be issued by an offshore company and proceeds of the bonds will be used for subscription of non-convertible debentures issued by Acme’s projects. The bonds will have a tenor of five years and a coupon rate of 4.7%. The issue was oversubscribed more than three times, which is a testimony of the strong business fundamentals of the underlying assets," the company said.
“We have always been supported well by our Indian lenders and we are very happy to receive encouraging support from international investors as well. This will broaden our source of capital," said Manoj K. Upadhyay, founder and chairman, Acme Group.
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