Greenko Raises $750 Million via Green Offshore Bonds To Create Energy Storage Facility

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Greenko Wind Projects (Mauritius) Ltd (GWPM), the financing vehicle for the integrated renewable energy storage project Greenko Energy Holdings, raised $750 million through an issue of offshore green bonds that will mature in three years, reported Moneycontrol.

“This was the first international bond issuance for funding an energy storage project in India. The successful fundraise is a testimony to the robust credit quality of the Greenko Group and their strong track record in the international debt capital markets,” said Sameer Gupta, managing director and India head of debt capital markets at Deutsche Bank.

Greenko is currently developing three multi-gigawatts (GW) scale integrated renewable energy storage projects with national grid connectivity in the states of Karnataka, Andhra Pradesh, and Madhya Pradesh. These projects will harness the power of solar, wind resources with digitally connected storage infrastructure to provide round-the-clock power to the grid.

“Greenko Energy Holdings’s portfolio diversification helps mitigate the risk of exposure to seasonal variations in the availability of renewable resources and strengthens GEH’s expertise in an economy moving toward increased decarbonisation. GEH has grown its operational renewable energy portfolio to 5.2 GW as of September 2021 from 1.9 GW as of 31 March 2017. The GEH portfolio is also diverse, with operating assets across the wind, solar, hydro, and biomass technologies in 14 states in India,” Moody’s Investors Service’s had said in the statement dated March 28.

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