Greenko Wind Projects (Mauritius), an indirect subsidiary of Greenko Energy Holdings, has launched a virtual roadshow in Asia, Europe and the United States on March 28 and 29, to raise at least $300 million through overseas green bonds maturing in three years, two people aware of the development said.

JP Morgan, DBS Bank, Barclays and Deutsche Bank are helping the company raise funds. The proposed bonds will open for subscription this week. These bonds are marked as 144A, which allows global investors, including from the US, to invest.

The proceeds from the issue will be used to refinance its existing borrowings. The proposed bonds by the company is green bonds meant to raise money to support environmental projects and eco-friendly infrastructure investments.

Fitch Ratings, on March 28, assigned a rating of ‘BB’ to the proposed US dollar senior notes by the Greenko Wind Projects (Mauritius). The negative outlook on Greenko’s ratings reflects a sharp rise in its trade receivables over the last two years and the lack of clarity over the timing and quantum of improvement in the receivables.

The rating agency also said that the ratings incorporate Greenko’s strong access to funding and liquidity support due to strong shareholders, including GIC, Singapore’s sovereign wealth fund, Abu Dhabi Investment Authority (ADIA) and ORIX Corporation.

All rating obligations of the proposed Greenko Wind Projects’ (Mauritius) US Dollar notes are unconditionally and irrevocably guaranteed by Greenko.