Independent power producer ACME Solar (ACME) has raised around $334 million for 12 of its solar projects through the issuance of offshore green bonds. The debt investment will be funded by U.S. dollar-denominated green bonds.

The bonds, which will be listed on Singapore Exchange Securities Trading Ltd., have received green certification from Climate Bonds Initiative.

The bonds will have a tenor of five years and a coupon rate of 4.7%. Following the closing of the bonds, which is subject to customary closing conditions, ACME will issue non-convertible debentures for its projects.

“I am very thankful to all the investors for their participation and confidence in us. We have always been supported well by our Indian lenders, and we are delighted to receive encouraging support from international investors as well. This will broaden our source of capital,” said Manoj K Upadhyay, Founder, and Chairman, ACME Group.

The bond issuance drew interest from global investors, resulting in the issue being oversubscribed by over three times. The majority of the investors were from Asia-Pacific (56%), followed by 22% from Europe, Middle East, and Africa. Investments from North America and Latin America covered 24%.

The firm noted that it is now a 4.8 GW solar-focused platform supported by partners such as Scatec, IFU, Unops, and Brookfield, adding that it saw this as the right time to diversify its lender base and tap the overseas markets, which provide an alternative capital source for stable and diversified renewable assets.

The move is in line with the firm’s strategy of pursuing growth by forging long-term relationships with partners with a similar business focus.

“ACME aims to play a key role in making cost-effective foreign capital available for India’s renewables growth target of 450 GW by 2030,” added Neeraj Gupta, CFO, ACME Solar.

ACME Solar’s current portfolio is spread across 12 states, including 2.2 GW of operational capacity and 2.6 GW under construction.

In June, ACME entered into a partnership with Scatec for a 900 MW solar project in Rajasthan. Based on the partnership, Scatec was to hold a 50% economic interest in the project, while ACME will retain the rest. ACME will be the turn-key engineering, procurement, and construction service provider for the project. During the same month, ACME also announced that it has closed a deal with Brookfield Renewable, a global owner and operator of renewable power assets, to jointly develop a 300 MWac (450 MWdc) solar project at Badisid, in the Jodhpur district of Rajasthan.