Greenko Wind Projects (Mauritius) Limited (GWPML) has raised $ 750 million through dollar bonds from the international market to finance energy storage project in India.
The offering by GWPML, an indirect subsidiary of Greenko Energy Holdings, was priced at 5.5 per cent. The proceeds from the three-year paper will be invested in rupee-denominated debt of an Andhra Pradesh pumped-storage project special purpose vehicle (SPV) – Pinnapuram SPSP Company. Pinnapuram SPSP Company will use money to refinance its existing borrowings, create an interest service reserve account and fund the remaining capex for the Andhra Pradesh pumped-storage project.