ACME Solar Holdings on Friday announced it has raised $334 million by issuing offshore green bonds. "Twelve projects of ACME Solar Holdings Private Ltd (ACME) today agreed to a debt investment of approximately $334 million, which will be funded by US dollar-denominated green bonds that were successfully priced today," a company statement said.
The bonds will be issued by an offshore company and proceeds will be used for subscription of non-convertible debentures issued by ACME’s projects, it added.
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. 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 shares have a distribution split of 56 per cent/ 22 per cent / 22 per cent between APAC, EMEA and North America/LATM regions. The bonds will list on Singapore Exchange Securities Trading Ltd.
Manoj K Upadhyay, Founder & Chairman, ACME Group, said in the statement, "This will broaden our source of capital".
“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 in the statement.
“This was the right time for us to diversify our lender base and tap the overseas markets that are deeper and provide an alternative capital source for stable and diversified renewable assets, Neeraj Gupta, CFO, ACME Solar, said.
The ACME Solar’s current portfolio is 4.8 GWp, which includes 2.2 GWp of operational capacity and another 2.6 GWp is under construction, spread across 12 states.
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