September 18 (Renewables Now) - Azure Power Solar Energy Pvt Ltd, a unit of Indian solar power producer Azure Power Global Ltd (NYSE:AZRE), plans to launch a green bond offering of USD 350.1 million (EUR 316.4m).
The purpose of the offering is to secure funds for debt refinancing.
The US dollar-denominated bonds will bear a coupon of 5.65% and will mature in 2024, Azure Power said on Monday. The Indian firm will place the securities among eligible yield investors with a specific mandate or portfolio for buying green bonds and will not register them under the Securities Act.
The green bonds have been certified by the Climate Bonds Initiative, Azure Power said. They are the company’s second offering of such financial instruments.
(USD 1.0 = EUR 0.904)