Greenko Plans $1 Billion Bond to Strengthen Finances and Expand Renewable Projects – EQ
In Short : Greenko plans to raise $1 billion via an offshore bond to refinance its May 2025 debt. The company, backed by GIC and ADIA, is expanding its 5.5 GW renewable capacity with 10 GW of pumped storage projects. It recently secured a ₹62 billion credit line and is exploring an $825 million loan for strategic investments.
In Detail : Greenko Group is planning to raise $1 billion through an offshore bond issuance to refinance its debt maturing in May 2025. The renewable energy company, backed by Singapore’s GIC and the Abu Dhabi Investment Authority, is set to begin investor roadshows later this month. The exact timing and size of the issuance are yet to be finalized, depending on market conditions and investor interest.
This move is part of Greenko’s broader strategy to strengthen its financial position while continuing to expand its renewable energy portfolio. The company currently operates 5.5 GW of renewable energy capacity and is developing an additional 10 GW of pumped storage projects. These projects span multiple states in India, including Andhra Pradesh, Karnataka, and Rajasthan, reinforcing Greenko’s role in the country’s energy transition.
To support its refinancing plans, Greenko secured a ₹62 billion ($743 million) credit line from India’s National Bank for Financing Infrastructure and Development (NaBFID) in July 2024. This funding was aimed at partially refinancing offshore debt, specifically dollar bonds maturing in January 2025 and July 2026. The company’s ability to secure such financing highlights confidence in its long-term growth and operational stability.
Additionally, Greenko is in discussions to raise an $825 million loan, potentially to acquire Orix Corporation’s 20% stake in the company. Orix, a Japanese financial services firm, is reportedly exploring an exit from its investment, and Greenko is considering options to consolidate ownership. This move would provide Greenko with greater control over its strategic direction and future expansion plans.
The company’s proactive debt management and refinancing efforts come at a time when India is aggressively expanding its renewable energy infrastructure. Greenko’s pumped storage projects play a crucial role in balancing intermittent solar and wind energy, ensuring grid stability and reliability. The company’s focus on long-term funding aligns with its vision of sustainable and efficient energy solutions.
As Greenko continues its financial restructuring, investor sentiment will be key to the success of its bond issuance. The company’s strong track record in renewable energy and its backing from major global investors position it well for future growth. With its ongoing projects and refinancing strategy, Greenko remains a significant player in India’s clean energy transition.
