Acme Solar has raised $334 million through offshore green bonds with a tenure of five years and a coupon rate of 4.7 percent.
Acme Solar will use the funds in 12 projects being developed by the company.
Acme Solar’s current portfolio stands at 4,800 megawatt (MW), of which 2,200 MW are operating and the remaining are under construction.
The company announced a partnership with Brookfield Renewable to develop 450 MW solar power generation assets in Rajasthan.
Acme has signed an agreement with Danish investment firm IFU and the United Nations’ operational arm UNOPS S3i to develop 250 MW solar power plants in Rajasthan.
Norwegian renewables player Scatec has also agreed to buy 50 percent stake in Acme’s upcoming 900 MW generation assets in the same state.
“We have been supported well by our Indian lenders and we are very happy to receive encouraging support from international investors as well,” Manoj K Upadhyay, chairman of the ACME Group said in a statement.