Proceeds will be used to repay existing intercompany loans and for general corporate purposes.
Life insurers are urging the government to double the tax-free investment limit for guaranteed plans to ₹10 lakh. The move is aimed at addressing the lack of demand in the long-term government bond market, where traditional buyers such as pension funds have switched to equities. The increased demand from insurers could contribute to stabilizing interest rates on long-term government bonds.
A spokesperson for Greenko did not immediately respond to requests for comment, while JP Morgan declined to comment. Broad Peak could not immediately be reached for comment.
The fundraising comes at a time when Greenko is putting several large-scale storage assets into use. It is developing an integrated renewable energy storage project (IRESP) in Rajasthan, comprising a 1,800 MW pumped storage facility in Baran district and solar and wind farms of 3.6 GW and 0.9 GW respectively in Pali district. The pumped storage project is designed for 2.52 GW of generation capacity and 17.7 GWh of storage.
Greenko has been active in refinancing over the past year, including the rollover of $425 million in corporate debt through a $525 million in August 2024 and the refinancing of $1.035 billion for one of the projects through domestic lenders. In January, its unit Greenko RJ02 IREP raised ₹1,000 crore through three-year, 13% senior secured NCDs placed with JP Morgan Securities Asia. As of September 2024, the Greenko group has over 10 GW of pumped storage projects under construction in six states, with the project in Andhra Pradesh expected to be the first to come online in the fourth quarter of FY25.
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