India Clean Energy Holdings (the Company) is a wholly-owned subsidiary of ReNew Energy Global PLC and has been established as a special purpose vehicle to make specific investments in USD-denominated notes (the Onshore Notes) issued by ReNew Power Private Limited (the Onshore Issuer) in the form of external commercial borrowings issued to finance operations of renewable energy sector projects in India.
The Company will use a portion of the proceeds for payment of expenses related to its offering and the balance of the Offshore Notes will be used to subscribe to the Onshore Notes issued by the Onshore Issuer that own and operate renewable energy projects (Eligible Green Projects). The Eligible Green Projects will comprise the following:
- Wind Energy: Development, construction and operation of generation facilities where 100 per cent. of the electricity is derived from wind energy resources.
- Solar Energy: Development, construction and operation of generation facilities where 100 per cent. of the electricity is derived from solar energy resources.
- Renewable Transmission Infrastructure: Wholly dedicated transmission infrastructure for eligible solar and wind generation facilities.
The Offshore Notes are certified green bonds by the Climate Bond Initiative and were listed on the Singapore Exchange Securities Trading Limited on 19 January 2022.
Axis Bank Limited, Singapore Branch, Barclays Bank PLC, Credit Suisse (Hong Kong) Limited, Deutsche Bank AG, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc and Standard Chartered Bank were the joint lead managers to the issue. HSBC Bank USA, National Association has acted as note trustee, security trustee, principal paying agent, transfer agent and registrar.
The Appleby Mauritius team was led by Group Managing Partner Malcolm Moller and Senior Associate Farzanah Nawool supported by Associate Suhaylah Juman.