Greenko Energy Holdings, is looking to raise up to $1 billion via overseas green bonds. It had acquired SunEdison’s India assets last year. This can be to refinance the entire debt of the acquisition as well as its existing debt of $500 million.
Greenko’s green bonds will have a seven-year tenor and will be launched on Tuesdayacross global markets. The company has hired Morgan Stanley, Deutsche Bank Barclays, JP Morgan and South Africa’s Investec to manage the bond issue.
Hyderabad-based Greenko, backed by Singapore’s GIC and Abu Dhabi Investment Authority (ADIA), acquired SunEdison’s Indian assets in October at an enterprise value of $392 million (Rs2,607 crore). The deal involved an equity investment of $42 million (Rs279 crore) and required Greenko to assume project-level debt of $350 million at an average investment cost of 11.3%, according to recent corporate filings.
Greenko has one of the largest renewable energy portfolios in India with 1GW of operating projects across hydro, wind and thermal power. It has actively tapped the overseas bond markets to fund its debt in recent years. In August last year, it raised $500 million from high-yield overseas green bonds to refinance a part of its existing debt and meet operating and transaction costs.
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