Appleby advises on a uniquely structured deal
of USD 475m, 6% Senior Secured Bonds issued
by Mauritius-based Neerg Energy Ltd
Appleby Mauritius advised Neerg Energy Ltd, a special purpose vehicle incorporated under the laws of Mauritius, on the issuance of its USD 475 million, 6% Senior Secured Bonds due in 2022 (USD Bonds) and its investment in Masala Bonds issued by subsidiaries of Indian renewable energy company ReNew Power Ventures Private Limited of the same value (Masala Bonds). The USD Bonds were listed on the Singapore Exchange Securities Trading Limited on 14 February 2017.
Net proceeds from the USD Bonds will be used for subscribing to the Masala Bonds for the purpose of providing financing for renewable projects that will generate and provide clean power in a sustainable manner by optimizing the use of clean energy resources, thereby supporting the communities in need of a clean energy environment.
The USD Bonds were certificated by the Climate Bonds Initiative, a non-profit organisation working to mobilise debt capital markets for climate change solutions and verified by an independent assurance statement.
Goldman Sachs (Asia) LLC, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, Merrill Lynch International and UBS AG, Singapore Branch have acted as the global coordinators and joint lead managers to the issue.
Appleby Mauritius advised Neerg Energy Ltd on Mauritius law aspects of the transaction alongside Latham & Watkins LLP, which advised on English, New York and U.S. federal law and Cyril Amarchand Mangaldas on Indian law, Allen & Overy as English, New York and U.S. federal law advisers and Talwar Thakore & Associates as Indian law advisers to the Placement Agents and Mayer Brown JSM as New York law advisers to the Trustee.