SAEL Group Issues $305 Million in Green Bonds to Expand Renewable Energy Portfolio

SAEL Group has issued $305 million in green bonds across international markets. The funds will expand their renewable energy assets, including solar and waste-to-energy projects. The bonds saw a record oversubscription, indicating strong investor confidence in SAEL's business model and renewable energy opportunities.

Domestic renewable player SAEL Group on Friday announced the issuance of green bonds worth USD 305 million in international markets.

The bond issuance attracted investors from the US, Europe, and several Asian countries, according to a company statement.

The USD 305 million green bond, jointly issued with five wholly-owned subsidiaries known collectively as 'The Restricted Group,' will finance the expansion of SAEL's renewable energy portfolio, currently around 4 GW.

SAEL Group aims to increase its solar and waste-to-energy assets to 5 GW within the next two years, said Chief Investment Officer Varun Gupta.

''Record order book oversubscription for SAEL's debut offering by more than six times reaffirms investor confidence in our business model and the renewable energy sector,'' Gupta added. SAEL is also involved in solar module manufacturing.

(With inputs from agencies.)