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Greenko raises USD 950m in Asia's largest bond sale

The Pavgada solar park in Karnataka, India. Photo by: Greenko (www.greenkogroup.com).

July 26 (Renewables Now) - Indian renewable energy company Greenko Energy Holdings has secured USD 950 million (EUR 853m) in an international bond offering that was three times oversubscribed.

GIC Holdings Pt Ltd, part of Singaporean sovereign wealth fund GIC Pvt Ltd, and the Abu Dhabi Investment Authority (ADIA) supported Greenko in what was the largest green bond placement in Asia, the Mint reports. The fundraising spree came a week after the two funds agreed to make an additional USD-329-million equity investment in Greenko to fund its business plan.

The Hyderabad-based firm, which focuses on building integrated renewable energy plants with storage, currently has more than 4.2 GW of operational wind, solar and hydropower assets in its portfolio. The company also has over 7 GW under construction. According to local media reports, funds from the bond issuance will be used to refinance project debt.

At present, GIC is the largest shareholder in Greenko with a 61% interest, while AIDA holds 15%. The remaining 24% are owned by major shareholders Mahesh Kolli and Anil Kumar Chalamalasetty.

In June, Greenko announced it will receive USD 495 million from GIC and ADIA to finance two energy storage projects totalling 2.4 GW, including 1.2 GW in Pinnapuram and 1.2 GW in Saundatti. These assets are seen to be completed in 2022.

(USD 1.0 = EUR 0.898)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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