Greenko Group gets $743 million credit line to refinance dollar bonds

By Saikat Das

Greenko Group has obtained a 62 billion rupees ($743 million) credit line from India’s National Bank for Financing Infrastructure and Development as it seeks to partially refinance offshore debt, according to people with knowledge of the matter. 
 

The clean energy company, backed by Singapore’s GIC sovereign wealth fund, will draw on the newly sanctioned credit line to refinance two sets of dollar bonds maturing in January and July 2025, said the people, who asked not to be identified because the information is private. Disbursements will take place in tranches, they said.  

Greeko will seek to reduce dollar debt it finds expensive compared with local currency loans, one of the people said. Loan pricing is linked to the NaBFID Lending Rate and has multiple maturities extending up to 23 years.

Greenko has large funding needs for its pumped hydro storage projects, including $1.25 billion of restricted group bonds due in the first half of next year and a possible refinancing of close to $1 billion of debt at Sikkim Urja, according to Sharon Chen, a credit analyst from Bloomberg Intelligence. “It could have good access to onshore funds for project-backed debt,” she said in an analysis.  

NaBFID, as the government-backed infrastructure lender is called, focuses on long-term infrastructure financing needs and is a critical part of Prime Minister Narendra Modi’s economic growth agenda.  

Greenko is one of India’s leading renewable energy companies with a net installed capacity of 7.5 gigawatts across 15 states in India, according to its website. 

Greenko and NaBFID didn’t immediately respond to Bloomberg’s emailed requests for comment sent Saturday outside regular business hours.