Greenko Group, the diversified renewable energy company, has closed a US dollar 940 million Green bond offer at 3.85%, making it the lowest priced and largest bond in non investment grade by any corporate from India.

The demand was over US dollar 2.5 billion, with the offer being subscribed by over 2.5 times.

JP Morgan, Deutsche Bank and Barclays served as bankers. The bonds offered by renewable energy company Greenko have set new benchmark on size and pricing in the bond market leading the path for the RE sector.

The global bonds initiated by Greenko have helped to diversify the funding for the sector from Indian banks which have been constrained with broader infra sector issues. The bonds are rated Ba1, according to company sources.

Greenko has grown its operational renewable energy portfolio to over 4.2 gigawatts (GW) as of December 2020. It's portfolio diverse, with operating assets across wind, solar, hydro and biomass technologies slocated across 14 states in India.

The company is supported by access to funding and liquidity support from its shareholders, which include GIC, Singapore's sovereign wealth fund; Abu Dhabi Investment Authority (ADIA); and ORIX, a Japanese finance and leasing company. GIC  has provided consistent equity support for Greenko's investments over the years.

The renewable energy company believes that the combination of its existing hydro, solar, and wind projects with a strategy of 24/7 Schedulable Renewable Power On-Demand (SPOD) and renewable power supply during peak hours will help Indian power distribution companies.

Greenko has received permits to build and operate multiple Integrated Energy Storage Projects across five States in India with an overall daily and seasonal storage capacity of 40 GwH.

In addition, Greenko’s Intelligent Energy Platform aims to deliver the lowest cost and reliable energy models to overcome the challenges posed by fast growing renewables to grids and utilities, enabling acceleration of India’s decarbonisation goals to 50 per cent of energy by 2030.

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