ACME Solar Holdings Private Limited (ACME) has raised $334 million through the US dollar denominated green bonds. The funds will be used in the 12 projects of the company. The bonds will be issued by offshore company and proceeds of the bonds will be used for subscription of non-convertible debentures issued by ACME’s projects, a company statement said on Friday.
Meanwhile, the bonds will have a tenor of five years and a coupon rate of 4.7 per cent. The issue was oversubscribed by over 3 times, which is a testimony of the strong business fundamentals of the underlying assets, it said.
Also, the bonds have received ‘green certification’ from Climate Bonds Initiative. Closing of the bonds is subject to customary closing conditions, following which ACME’s projects will issue non-convertible debentures. The bonds will list on Singapore Exchange Securities Trading Ltd, the statement added.
ACME Solar’s current portfolio is 4.8 GWp, that includes 2.2 GWp of operational capacity and another 2.6 GWp is under construction which are spread across 12 States.
“We are pleased with the overwhelming outcome of our maiden proposed issuance of NCDs to overseas investors in connection with a green bond issuance. The success of the issuance is testimony to not only the thriving solar sector in India but also a vote of confidence in the quality of our projects included in the offerings and management of the Company,” Rajat Seksaria, CEO, ACME Solar, said.