Greenko repays global bonds worth $935 million
1 min read . Updated: 27 Feb 2023, 03:39 PM IST
PremiumEarlier this week, Greenko repaid $435 million of corporate bonds issued by its subsidiary Greenko Mauritius by taking a fresh loan of $425 million.
New Delhi: Greenko Energy Holdings on Friday announced repayment of $935 million of global bonds. Mint had earlier reported that Greenko Energy Holdings has prepaid $500 million of global bonds, scheduled for repayment in August 2023, using its cash flow to reduce the overall leverage of the group.
The bonds were sold by Greenko’s subsidiary, Greenko Investment Company. Earlier this week, Greenko repaid $435 million of corporate bonds issued by its subsidiary Greenko Mauritius by taking a fresh loan of $425 million.
Greenko continues to maintain its focus on operational leverage as it builds its portfolio of long duration energy storage assets with a capacity of 50 GWh.
Greenko has India’s largest operational clean energy portfolio of 7.3 gigawatts (GW) and has invested $7.5 billion.
It is building a 50-gigawatt hour (GWh) of storage capacity on pumped storage technology (PSP) as part of its plan to set up an energy storage cloud platform of 100 GWh. National Investment and Infrastructure Fund’s (NIIF) Ayana Renewable Power Pvt. Ltd has partnered with Greenko Group to store 6-GWh of power in hydro pump storage plants that Greenko is building at Pinnapuram in Andhra Pradesh.
According to S&P Global Commodity Insights, India’s January electricity demand grew by 18% to 184GW from a year earlier. India recorded an all-time high electricity demand of 211.6GW in June and is expected to reach 225GW during the coming summer.
Greenko is active in the green hydrogen space and plans to supply emission-free fuel to Germany’s biggest gas trader Uniper. The green ammonia will be supplied from a 1 million tonne per annum (mtpa) production facility in Kakinada that is being set up by Greenko ZeroC Pvt. Ltd.
The company recently partnered with Singaporean conglomerate Keppel Corp. to jointly explore setting up a 250,000 tonne green ammonia production facility.
Greenko Group and Belgium’s John Cockerill are setting up a 2GW electrolyzer factory in India, one of the world’s largest, through their joint venture, which will require an investment of $500 million.