EBENE, Mauritius, Aug. 12, 2021 /PRNewswire/ -- Azure Power Global
Limited (NYSE: AZRE), leading independent renewable power producer
in India, announced issuance of a
dollar green bond of US$414,000,000,
through its wholly owned subsidiary, Azure Power Energy Ltd (the
"Bond"). The Bond, maturing in 2026, will be issued at a coupon of
3.575%, i.e., lowest ever coupon in the high-yield segment for any
business out of India and lower by
27.5 bps from the lowest offering from any Indian renewable energy
company till date.
The order book saw bids in excess of USD
2 billion, with more than 60% of the issuance placed with US
and European investors, thereby demonstrating, global recognition
of credit and operational strength of the Group. The transaction
also underscores Group's continued ability to raise debt capital at
a lower cost compared to its peers, leading to significant
improvement in the overall return profile of the Group.
The Bond has been certified by Climate Bonds Initiative as a
Green Bond and is the third solar Green Bond offered by Azure Power
Group after issuances in 2017 and 2019. The Company will primarily
use the proceeds to refinance it's existing 5.50% US$500,000,000 Green Bond issued in 2017 and due
in 2022, and is expected to reduce debt cost by over 200
basis points in hedged INR terms for its 611 MW operational solar
projects portfolio offered under the bond.
The Bond has a tenor of 5 years with amortisation and waterfall
structures built in and is a leverage-positive transaction for the
Group, demonstrating Group's strong focus on creditor interests
along with value accretive approach in business conduct.
Speaking on this momentous occasion, Mr. Ranjit Gupta, Chief Executive Officer &
Managing Director, Azure Power said, "This is truly a
remarkable transaction for the Indian Renewable Energy sector in
the global markets, being the lowest ever coupon in the high-yield
segment for business out of India,
and a landmark for Azure Power Group in its journey of over 13
years in this space. With this 3rd Green Bond from the
Group, primarily to refinance our 1st Green Bond issued
in 2017, we have completed one full cycle of our successful
engagement with global debt capital market investors. We are
grateful for our global and domestic investors' continuous support
and faith posed in us as the world class, credit and corporate
governance focused renewable power group in India."
Barclays, HSBC, Standard Chartered Bank, Credit Suisse and MUFG
were the Joint Global Coordinators and Bookrunners for the
transaction along with Jefferies, Roth Capital Partners, Société
Générale and ICICI Bank as the Joint Bookrunners.
This press release is for informational purposes only and shall
neither constitute an offer to sell or the solicitation of an offer
to buy any securities, nor shall there be any sale of securities in
any jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent renewable
power producer in India. Azure
Power developed India's first
private utility scale solar project in 2009 and has been at the
forefront in the sector as a developer, constructor and operator of
utility scale renewable projects since its inception in 2008. With
its in-house engineering, procurement and construction expertise
and advanced in-house operations and maintenance capability, Azure
Power manages the entire development and operation process,
providing low-cost renewable power solutions to customers
throughout India.
For more information:
Investor Contact
Vikas Bansal
ir@azurepower.com
Media Contact
Samitla Subba
pr@azurepower.com
+91-11- 4940 9854
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