ACME Solar Raises $334 Million Through Offshore Green Bonds

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  • It added in a press release that the bonds will be issued by an offshore company and proceeds of the bonds will be used for subscription of non-convertible debentures issued by ACME’s projects
  • Closing of the bonds is subject to customary closing conditions, following which ACME’s projects will issue non-convertible debentures

ACME Solar it has raised debt investment of about $334 million by issuance of offshore bonds. The company said that its 12 projects have agreed to the investment, which would be funded by US dollar-denominated green bonds that were successfully priced on Friday.

It added in a press release that the bonds will be issued by an offshore company and proceeds of the bonds will be used for subscription of non-convertible debentures issued by ACME’s projects. The bonds will have a tenor of five years and a coupon rate of 4.7 per cent. It said that the issue was oversubscribed by over three times. The bonds have received green certification from the Climate Bonds Initiative.

Neeraj Gupta, chief financial officer, ACME Solar added that the company is now a 4.8 GW solar platform supported by partners such as Scatec, IFU, Unops and Brookfield. This was the right time for us to diversify our lender base and tap the overseas markets which are deeper and provide an alternative capital source for stable and diversified renewable assets.

Closing of the bonds is subject to customary closing conditions, following which ACME’s projects will issue non-convertible debentures. The company said that the issue received a tremendous response from marquee investors and the bonds will be listed on Singapore Exchange Securities Trading.

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