Acme Solar raises $334 million via offshore green bonds

Acme Solar's Bhadla plant in Rajasthan

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From pv magazine India.

Indian developer Acme Solar today announced it had successfully priced its inaugural green bond, raising $334 million at a coupon rate of 4.7% per annum with a five-year maturity.

The amount will be used to finance Acme’s twelve operating solar assets with a combined capacity of 450MW (or 605 MWp) in eight Indian states.  

“Twelve projects of ACME Solar Holdings Private Limited (ACME) today agreed to a debt funding of approx. $334 million via US dollar-denominated green bonds that were successfully priced today,” Acme announced today.

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The proceeds of the bonds will be used for the subscription to non-convertible debentures (NCDs) denominated in rupees to be issued by these entities. 

The issue was oversubscribed by over three times. The geographical split of the investors included APAC 56%, EMEA 22%, and North America/LATM regions 22%. The bonds will list on Singapore Exchange Securities Trading Ltd.

ACME Solar is now a 4.8 GWp solar-focused platform supported by partners such as Norway’s ScatecIFU, Unops, and Brookfield. Its 4.8 GWp portfolio includes 2.2 GWp of operational capacity and another 2.6 GWp under construction.

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