Azure Power, an Indian solar power producer, will issue and raise around $500 million (~Rs.32 billion) from the sale of bonds to overseas investors. It bond offering was said to have attracted bids for $1 billion (~$64.1 billion), twice the size of the offering. JP Morgan, Barclays, and HSBC have acted as arrangers to the sale. Proceeds from the sale will be used to finance the purchase of rupee-denominated non-convertible debentures and loans of a group of companies that house individual power generation assets of the parent company.
Numerous renewable energy companies have raised money overseas, signaling appetite for credit of Indian companies, this has largely been to refinance existing borrowings and is sometimes more expensive than borrowing locally. Mercom had previously reported Greenko Energy Holdings raising $155 million (~Rs.10.14 billion) in equity funding.
Image Credit: Azure Power