(Bloomberg) --
Indian renewable energy firm SAEL Ltd. is planning an inaugural dollar bond sale targeting up to $500 million, according to people familiar with the matter, joining other borrowers to fuel Asia's hottest high-yield market in five years.
The company, which develops sustainable energy projects such as solar plant constructions, aims to launch the debut offering by end of June, with proceeds to be used for business expansion and debt refinancing, the people familiar said. The company is in talks with a group of foreign banks to arrange the bond sale, seeking a tenor in the range of five to seven years, the people added.
SAEL's planned note sale is set to add to a recent issuance boom in Asia and worldwide. Issuers globally rushed to tap the dollar debt market last week on lower borrowing costs and risk-on sentiment. Indian corporates in particular, have led Asian junk dollar bond sales to its first revival in five years, with strong investor appetite.
A spokeswoman from SAEL declined to comment when reached by Bloomberg News.
The offering also comes amid India's push to ramp up the renewable energy sector. India aims to nearly triple its clean energy capacity by the end of the decade to decarbonize its fossil fuel-driven economy.
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