Greenko has raised $750 million through an offshore bond offering. The three-year US dollar-denominated bonds were priced at 5.50 per cent. Deutsche Bank advised the company.

“This was the first international green bond issuance for funding an energy storage project in India. The successful fundraising is a testimony to the robust credit quality of the Greenko Group and their strong track record in the international debt capital markets,” said Sameer Gupta, MD and Head India DCM at Deutsche Bank.

• United Spirits Gets Relief As FSSAI Revokes Two Orders
• Zydus Gets USFDA Nod For Ascorbic Acid Injection
• Puravankara Rises After Rs 175 Crore Chennai Hotel Order
• Zodiac Energy Gains After Winning UP Solar Plant Order
• Delhi Master Plan 2047 Notified With Major Overhaul

On Monday, Fitch Ratings assigned a rating of ‘BB’ to the US dollar senior notes of Greenko Wind Projects (Mauritius) Ltd (GWPML), an indirect subsidiary of Greenko Energy Holdings.

“GWPML will lend the proceeds of the US dollar bonds to an Andhra Pradesh (AP) pumped-storage project SPV – Pinnapuram SPSP Company – by investing in the SPV’s rupee-denominated debt. Pinnapuram SPSP Company will use the proceeds to refinance its existing borrowings, create an interest service reserve account and fund the remaining Capex for the AP pumped-storage project. GWPML does not hold equity in the project SPV, which Greenko holds,” Ditch said.

“Greenko’s ‘BB’ rating is underpinned by the group’s diversified portfolio of 5.2GW of renewable-power assets. The capacity is sold under long-term power purchase agreements (PPAs) that provide fixed tariffs and stable volumes. The rating also incorporates Greenko’s strong access to funding and liquidity support due to strong shareholders, including GIC, Singapore’s sovereign wealth fund, Abu Dhabi Investment Authority (ADIA) and ORIX Corporation (A-/Stable),” the rating agency said.