SAEL Group issues bonds worth $305 million in international markets

Domestic renewable player SAEL Group on Friday said it has issued green bonds worth $305 million in the international markets.

The bonds have been issued for investors from the US, Europe and several Asian countries, the company said in a statement.

"The $305 million (approximately worth Rs 2,500 crore) green bond was jointly issued by SAEL along with 5 wholly-owned subsidiaries together referred to as 'The Restricted Group'," the statement said.

The proceeds will be used to expand the company's renewable energy portfolio, which currently stands around 4 GW, it added.

SAEL Group aims to increase the portfolio of solar and waste-to-energy assets to 5 GW by the next two years, its Chief Investment Officer Varun Gupta said.

In response to the bonds issues, he said, "The record order book oversubscription for SAEL's debut issuance by more than 6x reaffirms the faith of investors in SAEL's business model and the opportunities presented by renewable industry".

SAEL Group is an independent green power-producing entity. The company is also into solar module manufacturing.