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12 projects of ACME Solar Holdings Private Limited (ACME) agreed to a debt investment of approx. $334 million, which will be funded by US dollar-denominated green bonds that were successfully priced.
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%. The issue was oversubscribed by over 3 times, which is a testimony of the strong business fundamentals of the underlying assets. The bonds have received Green certification from Climate Bonds Initiative.
The bonds will list on Singapore Exchange Securities Trading Ltd.
Manoj K Upadhyay, Founder & Chairman, ACME Group said, “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 very happy to receive encouraging support from international investors as well. This will broaden our Source of capital.”
Sandeep Kashyap, president – business, ACME Solar said that ESG theme based investing with strong business fundamentals has been gaining momentum globally.
ACME Solar’s current portfolio is 4.8 GWp, that includes 2.2 GWp of operational capacity and another 2.6 GWp is under construction which are spread across 12 States.