Hero Future Energies first USD Green Bond fetches $3 billion orders

The company will use the proceeds of the proposed notes to subscribe to Indian rupee-denominated external commercial borrowing (INR ECB) bonds

Hero Future Energies (HFE), the renewable energy arm of the Hero group, received orders worth $3 billion in its first green bond issuance in the overseas markets.

The company, through its subsidiary Clean Renewable Power (Mauritius), received the orders and priced at a coupon rate of 4.25 per cent for a six-year maturity period. The issuance was oversubscribed more than 8.5 times, HFE said.

Business Standard reported earlier this week that HFE will hit the international bond market for raising funds. The renewable company will use its Mauritius-based SPV to issue USD senior notes. It will use the proceeds of