September 25 (Renewables Now) - Azure Power Solar Energy Pvt Ltd, a unit of Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) today announced it has launched a placing of USD 350.1 million of green bonds.
Funds from the transaction will be mainly used to refinance existing debt of the company.
The US dollar-denominated bonds, certified by the Climate Bonds Initiative, bear a coupon of 5.65% and will mature in 2024. They are being offered to eligible yield investors with a specific mandate or portfolio for buying green bonds and will not be registered under the Securities Act.
The latest offering represents the company’s second placing of such financial instruments.