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Greenko Launch Asia’s Largest Green Bond

Greenko Energy Holdings, the India-based renewable energy developers which acquired the solar power portfolio of SunEdison India, will soon launch a green bond — Asia’s largest to date.

Greenko Energy Holdings will soon launch a green bond to raise $1 billion, and the bond issue will be the largest in Asia targeted towards clean energy. Funds raised from the issue will serve multiple purposes for Greenko. About half of funds will be used to refinance a $500 million dollar bond issue floated by the company in 2014. Proceeds from the issue will also be used to retire debt it inherited along with the acquisition of SunEdison India’s assets.

Greenko acquired several operational and under-construction solar power projects from SunEdison’s India subsidiary. These include one of the largest projects developed by a single company in India. The 500-megawatt project will form part of a large-scale solar power park in Andhra Pradesh.

Last year, an Indian business daily reported,

Greenko will acquire 390 MW of operational solar and 48 MW of operational wind energy assets for $315 million from SunEdison India. Additionally, Greenko will also get control of the 800 MW solar power capacity currently in the under-construction or planning phase at no additional cost. The acquisition will also include 425 MW of solar assets that SunEdison India sold to Terraform Global last year.

Singapore’s GIC and the Abu Dhabi Investment Authority are two major investors in Greenko Energy Holdings. The company has an operational capacity of 2.5 gigawatts across wind, solar and hydro power technologies, making it one of the largest renewable energy generators in India.

While several banks and public sector companies in India have successfully launched numerous green bonds over the last few months, very few project developers have directly tapped the global green bonds market. CLP India was a the first developer from India to enter the green bonds market when it raised $92 million to fund capacity expansion in 2015.

One of the leading renewable energy project developers in India, ReNew Power Ventures, also raised $74 million in November 2016 to fund two large-scale solar power projects.

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