Commentary & Deal Flow

Greenko Wind Projects Mauritius Ltd (GRNKEN) exp Ba1/NR/BB US$750m 144A/Reg S 3nc2 sr unsec green bond. Via Barclays, DBS Bank Ltd, Deutsche Bank and JPMorgan as JBRs and lead managers, and JPMorgan as the lead green structuring agent. 101 CoC. Call schedule: April 2024 to Oct 2024 at Par + 25% of coupon; Oct 2024 and thereafter at Par. Guarantor: Greenko Energy Holdings. Listing: SGX-ST. Law: New York. UOP: primarily used to subscribe for or loan rupee debt to be issued or borrowed by Greenko Pvt (the "Pinnapuram SPSP Company"). Pinnapuram SPSP Co. intends to use proceeds of rupee debt primarily to repay existing indebtedness, to fund interest reserve accounts (subject to applicable Indian regulations) and for capital expenditure in relation to Pinnapuram standalone pumped storage project and costs or expenses prior to commencement of its commercial operations. Pricing 3/30. Settle 4/6.

IPTs: 5.8% area.

LAUNCHED: $750m 3nc2 Green at 5.5%.