New Delhi: ACME Solar on Friday said it has raised debt investment of about $334 million by issuance of offshore bonds.

The company said that its 12 projects have agreed to the investment, which would be funded by US dollar-denominated green bonds that were successfully priced on Friday.

“The bonds will be issued by an offshore company and proceeds of the bonds will be used for subscription of non-convertible debentures issued by ACME’s projects. The bonds will have a tenor of five years and a coupon rate of 4.7 per cent,” said the firm in its press release.

“We are now a 4.8 GW solar 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 overseas markets which are deeper and provide an alternative capital source for stable and diversified renewable assets,” said Neeraj Gupta, chief financial officer, ACME Solar.

Closing of the bonds is subject to customary closing conditions, following which ACME’s projects will issue non-convertible debentures. The company said that the issue received a tremendous response from marquee investors and the bonds will be listed on Singapore Exchange Securities Trading.

Sandeep Kashyap, president - business, ACME Solar said that ESG theme based investing with strong business fundamentals has been gaining momentum globally.

ACME Solar’s 4.8 GW portfolio includes 2.2 GW of operational capacity and another 2.6 GW is under construction which are spread across 12 states.