- ACME has raised about $334m via bond issuance.
- The bond was oversubscribed by 3X.
- The funds will finance the development of projects in 12 Indian States.
ACME Solar has raised debt investment of about $334 million via the issuance of offshore bonds. According to the company, the investment from the green bonds will finance 12 projects.
The bonds will be issued by an offshore company, and proceeds of the bonds 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 per cent,” said the firm in a press release. ACME adds that the issue was oversubscribed by over three times. The bonds have also been green certified by the Climate Bonds Initiative. The bonds will also be listed on Singapore Exchange Securities Trading.
The Indian company adds that with its portfolio of 4.8GW solar and partners’ support, this presented the right time to diversify its lender base and obtain funds from overseas markets, which are deeper and provide an alternative capital source. ACME Solar’s 4.8 GW portfolio includes 2.2 GW of operational capacity, and another 2.6 GW is under construction spread across 12 states in India.