On completion of these projects, the share of renewables in our portfolio will be over 55%.”
JSW Hydro Energy Ltd, a wholly-owned subsidiary of JSW Energy, has raised $707 million or Rs 5,187 crore by issuing its first fixed-rate senior secured green bonds priced at 4.125% per annum. The bond with a ten-year tenure was oversubscribed more than 3.7 times.
The proceeds from the bond sale will be utilised to repay the existing green project-related rupee-denominated loans, the company said.
The company held global roadshows across Hong Kong, Singapore, London, New York and Los Angeles. The transaction saw 64% participation from Asia, 14% from the US and 22% from EMEA with 82% investment from long haul funds, 17% from financial institutions (including Sovereign Wealth Funds), and 1% from private banks. There was strong demand from some of the largest marquee fixed income investors globally, the company said.
Prashant Jain, chairman of JSW Hydro, and joint managing director & CEO of JSW Energy said: “The fundraiser will help the company further strengthen and diversify its sources of funding as it builds and grows the renewable energy portfolio.
From a total installed capacity of about 4.6 GW today, where about 30% is from renewable sources, we currently have visibility on a pipeline of about 2.6 GW of renewable projects comprising of wind, solar and hydro which are likely to get commissioned over the next 24 – 30 months. On completion of these projects, the share of renewables in our portfolio will be over 55%.”
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.