ACME Solar Holdings successfully raises $334 million via offshore green bonds

ACME Solar Holdings successfully raises dollar 334 million via offshore green bonds

Gurugram, July 30, 2021: 12 projects of ACME Solar Holdings Private Limited today successfully subscribe to fund raising of $334 million via US dollar-denominated green bonds. The notes issued by India Cleantech Energy will have a tenor of five years and a coupon rate of 4.7% percent. The issue is subscribed by 3.1 times, which is a testimony of the strong business fundamentals of the underlying assets. The notes are certified as Green Bond by Climate Bond Initiative and verified by KPMG.

The issue received tremendous response from marquee investors with a distribution split of 56%/22%/22% between APAC, EMEA and North America/LATM regions. The notes will list on Singapore Exchange Securities Trading Ltd.

Mr. Manoj K Upadhyay, Founder & Chairman, ACME Group said, “I am very thankful to all the investors for their participation and confidence in us. 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.

Mr Rajat Seksaria, CEO, ACME Solar, said, “We are pleased with the overwhelming outcome of our maiden green bond issuance. The success of the issuance is testimony to not only the thriving solar sector in India but also a vote of confidence in the quality of our projects included in the offerings and management of the company.” 

Mr Neeraj Gupta, CFO, ACME Solar, said, “We are now a c.4.8GWp 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 dollar bonds markets which are deeper and provide an alternative capital source for stable and diversified renewable assets. Availability of cost-effective foreign capital is extremely important for India’s renewables growth target of 450GW by 2030 and Acme would continue to play a meaningful role.” 

Mr Sandeep Kashyap, President – Business, ACME Solar, said, “ESG theme-based investing with strong business fundamentals is globally gaining momentum. While the inherent nature of our business is net carbon negative, investors probably also gave weightage to ACME’s active efforts in implementing and operating its project with harmonious social connect with local communities in the catchment area of its project locations.” 

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 are spread across 12 States.

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