Azure Power Energy, a solar power producer in India, will issue an inaugural $500,000,000 green bond offering, maturing in 2022.
Climate Bonds Initiative has certified the Bond as green bond. This is the first solar green bond to be offered by a company with only solar power assets out of India. The company expects to use the proceeds to refinance existing indebtedness and for other general corporate expenses.
“The transaction is aimed at financing Azure Power’s existing and future eligible solar power projects which promote sustainability, whilst optimizing financial costs and diversifying sources of funding,” said Inderpreet Wadhwa, chief executive officer of Azure Power.
The company is offering the Bond to eligible yield investors who have a specific mandate or portfolio for buying green bonds.