Greenko, a renewable energy project developer, raised ₹30 billion (~$461 million) through the sale of onshore rupee-denominated bonds. The bonds will mature in 2027. The bonds have a call option after five years and will pay interest semi-annually.

According to reports, the bonds have a tenure of 10 years and a coupon rate of 8.75 percent. Greenko made the sale through its special purpose vehicles (SPVs) that operate solar projects in India. JP Morgan Chase arranged the offering for Greenko’s SPVs.

The 10 SPVs will develop and operate a 500 MW solar power project at Kurnool Solar Park in the southern Indian state of Andhra Pradesh.

In 2017, Greenko has been aggressively raising fund its expansion plans. In March, the company raised $155 million (~₹10.14 billion) in equity funding from an affiliate of GIC and a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA).

In 2016, Greenko became one of the largest renewable energy players in India after the acquisition of SunEdison’s 587 MW Indian wind and solar projects for a cash payment of $42 million and assumption of project-level debt of $350 million (at an average interest rate of 11.3 percent).

According to Mercom’s India Solar Project Tracker, Greenko has operational solar portfolio of 864 MW and 425 MW of solar projects under development.

Image credit: Greenko