India Green Power Holdings (the Company) has been established as a special purpose vehicle to make specific investments in non-convertible debenture issuances issued to finance renewable energy sector projects in India. The Company will provide financing for renewable power projects that will generate and provide clean power in India in a sustainable manner and support the communities where its projects are located.
The Company will use a portion of the proceeds from the issuance of the USD Notes to subscribe to Indian Rupee-denominated non-convertible debentures (the NCDs) to be issued by each of ReNew Wind Energy (Rajkot) Private Limited, ReNew Wind Energy (Shivpur) Private Limited, ReNew Wind Energy (Karnataka) Private Limited, ReNew Wind Energy (MP Two) Private Limited, ReNew Wind Energy (Welturi) Private Limited, ReNew Solar Energy (Karnataka) Private Limited and ReNew Solar Energy (TN) Private Limited (the Non-Convertible Debentures Issuers), each being a direct or indirect subsidiary of ReNew Power Private Limited. Such non-Convertible Debentures Issuers own and operate renewable energy projects at a discount if any, comprising wind energy, solar energy, renewable transmission infrastructure, renewable energy storage and round-the-clock projects (the Green Bond Framework).
The Green Bond Framework has been established in accordance with the Climate Bonds Standard version 3.0 and also aligns with the Green Bond Principles, 2018 published by the International Capital Markets Association.
The USD Notes were listed on the Singapore Exchange Securities Trading Limited on 23 February 2021.
The HongKong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, and Barclays Bank PLC have acted as the joint lead managers to the issue. HSBC Bank USA, National Association has acted as note trustee, security trustee, paying agent, transfer agent and registrar.
The Appleby Mauritius team was led by Group Managing Partner Malcolm Moller and Senior Associate Farzanah Nawool.