Indian independent power producer Azure Power will issue green bonds worth $350m to facilitate refinancing of existing debt. Announced through its subsidiary Azure Power Solar Energy Private, the Climate Bonds Initiative-certified issuance will be offered to eligible yield investors with a green bond portfolio. The company said it would use proceeds from these bonds, which are backed by renewable energy projects, for debt repayment and capital expenditures. The bonds will be distributed largely to Asian investors, who will receive 47%, while a third will go to those in the US and 21% to Europe, the Middle East and Africa.
Indian independent power producer Azure Power will issue green bonds worth $350m to facilitate refinancing of existing debt. Announced through its subsidiary Azure Power Solar Energy Private, the Climate Bonds Initiative-certified issuance will be offered to eligible yield investors with a green bond portfolio. The programme is the second set of solar green bonds put up by the company and will mature in 2024 with a predicted US dollar coupon of 5.65%. The bonds will be distributed largely to Asian investors, who will receive 47%, while a third will go to those in the US and 21% to Europe, the Middle East and Africa.