JSW Hydro Energy Ltd, a subsidiary of JSW Energy, on Monday raised $707 million through its first ever offshore bond issuance.
JSW Hydro is the largest private hydropower producer in India and operates two hydropower plants – 300 megawatts (MW) Baspa II and 1,000 MW Karcham Wangtoo, located in Himachal Pradesh.
The proceeds from the bond sale will be used to primarily repay the existing debt of these two operational hydro projects.
Last week, international rating agency Fitch Ratings assigned an expected rating of ‘BB+(EXP)’ with stable outlook to the 10 year JSW Hydro bonds due 2031.
Deutsche Bank, Standard Chartered Bank, JP Morgan and Barclays advised the company on the fundraise.
