Hyderabad-based renewable energy firm Greenko Energy Holdings Pvt. Ltd, which is backed by Singapore’s sovereign wealth fund GIC and Abu Dhabi Investment Authority (ADIA), is planning to raise up to $1 billion (around Rs 6,453 crore) via offshore dollar bonds, according to media reports.

The clean energy firm will use the funds to refinance debt which it incurred during the acquisition of bankrupt solar firm Sun Edison’s India assets. It will also use the proceeds to refinance its existing debt worth $500 million, Mint reported.

Greenko Energy acquired the India assets of US-based Sun Edison for close to $270 million in August 2016.

The company hired Barclays, JP Morgan, Morgan Stanley, Deutsche Bank and South Africa’s Investec to manage the bond issue, The Economic Times reported.

The green bonds, which are set to open on Tuesday in the global markets, have a seven-year tenor.

Privately held Greenko Energy was started by two Hyderabad-based entrepreneurs, Anil Kumar Chalamalasetty and Mahesh Kolli. The firm owns and operates renewable energy assets across India. It has a portfolio of over 2,500 MW of wind, solar and hydro assets, according to its website. In addition, it has 800 MW of assets in the development stage.

In 2016, it raised $500 million from overseas investors through a green bond issue.

The proceeds from green bonds are used for projects involving renewable energy, clean transport, sustainable water or land management and climate change adaptation.

Earlier this year, Greenko Energy raised $155 million from Singapore’s GIC and ADIA.

The same set of investors pumped in $230 million during an earlier round of funding in March 2015.

Last week, International Finance Corporation, the private-sector lending arm of the World Bank, invested Rs 667 crore ($103 million) in L&T Infrastructure Finance Company Ltd by subscribing to an issue of green bonds.