Polaris Renewable Energy Inc. announced that it has successfully settled a previously announced private placement of USD 175 million senior secured green bonds. The bonds will have a tenor of five years and a fixed coupon rate of 9.5% per annum, with interest payable in semi-annual instalments. Furthermore, the Green Bond will include a tap feature, allowing for access to an additional USD 50 million in funding for potential future uses.

The bond issue is rated BB- by S&P Global Ratings and is issued under the Company's green finance framework with second-party opinion from Morningstar Sustainalytics.