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Greenko to raise USD 1 billion through dollar bonds route

Press Trust of India  |  Hyderabad 

Renewable energy company Greenko Group is planning to raise about USD one billion via senior guaranteed notes and the bonds are being launched today across the globe, a senior official of the city-based power producer said today.

"The amount would be about USD one billion and partly used to fund new projects," the official told PTI.

Rating agency Fitch Ratings has assigned Greenko's proposed senior guaranteed notes an expected rating of 'BB-(EXP)'.

"GBV, a subsidiary of Greenko, will use the proceeds of the proposed notes to refinance its existing USD 550 million notes.

"Greenko plans to inject new operating solar and wind assets into the restricted group, taking its total capacity to 1 GW from 623 MW. The balance of the proceeds will be used mainly to refinance existing debt at these new operating entities," Fitch said.

Greenko currently has over 2.5 GW of operating capacity and plans to achieve 3.0 GW capacity by year end of 2017, Greenko website said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 11 2017. 17:07 IST