ACME Solar Holdings raises $334 million via NCDs 

Representational Image. Photo : Jitendra Parihar (Thomson Reuters Foundation)/Flickr

ACME Solar Holdings (ACME) on July 30 said it has raised $334 million via US dollar-denominated green bonds. The funds will be invested in up to 12 projects of the company.

These bonds will be issued by an offshore company and its proceeds will be used for subscription of non-convertible debentures issued by ACME’s projects. The bonds will have a tenor of five years and a coupon rate of 4.7 percent, the company said in a statement.

"The issue was oversubscribed by over 3 times, which is a testimony of the strong business fundamentals of the underlying assets. The bonds have received Green certification from Climate Bonds Initiative. Closing of the bonds is subject to customary closing conditions, following which ACME’s projects will issue non-convertible debentures," the company said.

“We have always been supported well by our Indian lenders and we are very happy to receive encouraging support from international investors as well. This will broaden our source of capital,” Manoj K Upadhyay, Founder & Chairman of ACME Group said.

The bonds will list on Singapore Exchange Securities Trading Ltd. “We are now a c.4.8 GWp solar focused platform supported by partners such as Scatec, IFU, Unops and Brookfield. This was the right time for us to diversify our lender base and tap the overseas markets which are deeper and provide an alternative capital source for stable and diversified renewable assets," Neeraj Gupta, CFO, ACME Solar, said,

ACME Solar’s current portfolio is 4.8 GWp, which includes 2.2 GWp of operational capacity and another 2.6 GWp is under construction which is spread across 12 States.