One of India’s largest renewable energy companies has completed a fundraising exercise through the issuance of green bonds.

Greenko Energy Holdings has announced that it has raised $940 million through the green bond issue priced at 3.85%. The bond was rated “Ba1” by Moody’s Investors Service. Demand for the bond exceeded $2.5 billion. Proceeds from the bond sale are expected to be used for refinancing existing debt facilities.

Greenko has been among the most aggressive issuers of green bonds in India. It has raised around $4.5 billion through foreign and domestic green bond issues.

Greenko may owe the success of its green bond issues to its attractive sponsors. Singapore government–owned GIC Holdings, Abu Dhabi Investment Authority, and Japanese financial services firm ORIX together hold 87.5% of the company.

Greenko has an operational portfolio of 7.3 gigawatts dominated by solar, wind, and hydropower projects, making it the largest clean energy company in India. It is also working on pumped hydro storage projects in Andhra Pradesh, Karnataka, and Rajasthan. Last year it announced a partnership with NTPC Limited (India’s largest power generation company) for round-the-clock renewable power supply projects.

Earlier this year, Greenko secured $980 million equity investment from ORIX. The transaction, the single largest private investment in India’s renewable energy sector, valued the company at an enterprise value of $10.2 billion.