Greenko Group is in talks with bankers to raise Rs3,000 crore through selling bonds in domestic market as it looks to refinance debt of solar power projects, according to three people familiar with the development.
The bonds are said to be sold by 10 special purpose vehicles (SPVs), each issue worth Rs300 crore, under similar terms, said the first person, a bond dealer with a Mumbai-based bank. Under the proposed structure, each of these SPVs will provide financial support to other nine in case there is a shortfall in servicing bondholders.
The SPVs were floated to develop and operate solar power project at Kurnool Solar Park in Andhra Pradesh. Read More…
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