Appleby Mauritius advises on the issue of USD 500m 5.50% Senior Notes to be listed on the Singapore Exchange Securities Trading Limited

17 August2017

 

Appleby Mauritius has advised Azure Power Energy Ltd (Azure Energy) on the issuance of USD 500 million 5.50% Senior Notes, which are to be listed on the Singapore Exchange Securities Trading Limited. Azure Energy is a special purpose vehicle, which is wholly owned by Azure Power Global Limited (Azure Global), a public company incorporated under the laws of Mauritius.

The notes, which are due in 2022, qualify as green bonds and were certified by the Climate Bonds Initiative, a non-profit organisation working to mobilise debt capital markets for climate change solutions.

The net proceeds of the five year notes will be used to re-finance the existing project debt of the subsidiaries of Azure Global and to raise funds for general corporate purposes. The notes were secured by a guarantee from Azure Global and a fixed charge over the capital stock of Azure Energy.

Azure Global holds the whole structure of the Azure Group. The Azure Group developed India's first private utility scale solar project in 2009 and has been at the forefront of developments in the sector as a developer, constructor and operator of utility scale, micro-grid and rooftop solar projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, the Azure Group manages the entire development and operation process, providing low-cost solar power solutions to customers throughout India.

The Appleby team was led by Managing Partner, Malcolm Moller together with Senior Associate, M Aadil Koomar and Senior Associate Ashley Oogorah. They advised Azure Energy on Mauritius law aspects of the transaction alongside Cleary Gottlieb Steen & Hamilton LLP which advised on New York, U.S. federal securities and Hong Kong Law and Shardul Amarchand Mangaldas & Co which advised on Indian law.

Latham & Watkins LLP advised the initial purchasers of the USD Notes and the hedging counterparties.

 

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