The proceeds from the Notes will principally be used to subscribe to Indian rupee-denominated external commercial borrowing (INR ECB) bonds to be issued by a newly formed restricted group of companies consisting of eight subsidiaries that are indirectly wholly-owned by Hero Future Energies Private Limited (HFEPL).  HFEPL is one of India’s leading Independent Power Producer (IPP) with operating plants in wind, grid-connected solar and rooftop solar.  The eight entities (referred to as HFE RG1) will use the proceeds of the INR ECB bonds primarily to refinance existing indebtedness, and to repay or extend inter-company loans to HFEPL along with general corporate purposes.

Fitch Ratings has assigned the Issuer’s proposed offering an expected rating of ‘BB-(EXP)’ and Moody’s Investors Service has assigned a (P)Ba2 rating to such offering.  Fitch considers that the rating on the Notes reflects the credit quality of HFE RG1 across three states in India, comprising of 273 MW solar assets (54% of total capacity) and 231.5 MW of wind assets (46%). The rating from Fitch is supported by not only the substantial and growing renewable energy industry in India but also by the fact that 46% of the total capacity of HFE RG1 is contracted with a sovereign-backed entity, Solar Energy Corporation of India (SECI), which makes timely payments and helps offset the long payment cycle of HFE RG1’s other customers, state distribution companies. Fitch considers the technologies deployed in the HFE RG1 projects as proven.

HSBC Bank USA, National Association acted as Trustee, Common Collateral Agent, Notes Collateral Agent and Paying Agent, Transfer Agent and Registrar.

The Appleby team comprises Group Managing Partner Malcolm Moller, Counsel Melissa Virahsawmy and Associate Karishma Beegoo.

Key contacts

Malcolm Moller

Group Managing Partner: Mauritius, Seychelles, Shanghai

T +230 203 4301
E Email Malcolm

Karishma Beegoo

Senior Associate: Mauritius

T +230 405 4355
E Email Karishma

Twitter LinkedIn Email Save as PDF
More Deals
3 Feb 2022 | Deals

Appleby Assists Leading Power and Energy Group Zola on USD 90 Million Funding

Leading offshore law firm Appleby has assisted the leading power and energy group ZOLA on its US$ 90...

Contributors: Melissa Virahsawmy
7 Sep 2021 | Deals

Appleby Mauritius advises IFC in connection with the financing package provided to Aspen Finance Proprietary Limited

Appleby Mauritius advises IFC in this cross border transaction in connection with the financing pack...

Contributors: Manisha Lallah
31 Mar 2021 | Deals

Cliffton Limited raises US$450 Million through Senior Secured Notes

Appleby Mauritius advised in a structured finance deal of US$450 million 6.25 % senior secured notes...

Contributors: Karishma Beegoo
9 Mar 2021 | Deals

Appleby advises in issuance of USD 500,000,000 3.975% subordinated perpetual securities by Mauritius-based Network i2i Limited

Appleby advises in issuance of USD 500,000,000 3.975% subordinated perpetual securities by Mauritius...

Contributors: Farzanah Nawool
25 Feb 2021 | Deals

India toll roads raises USD 300 million through 5.5% senior secured notes

Appleby Mauritius advised IRB Infrastructure Developers Limited, formerly IRB Infrastructure Develop...

Contributors: Karishma Beegoo
10 Feb 2021 | Deals

MakeMyTrip Limited raises USD 200 million through a zero percent interest coupon bond

Appleby advises in a structured deal of USD 200 million 0.00 % convertible senior notes due 2028 (No...

Contributors: Karishma Beegoo
12 Nov 2020 | Deals

Appleby advises in a structured deal of USD 325 million

Appleby advises in a structured deal of USD 325 million 5.375 % secured notes due 2024.

10 Mar 2020 | Deals

Appleby Mauritius advises on the issue of USD 400 million Perpetual Subordinated Capital Securities to be listed on the Singapore Exchange Securities Trading Limited

Leading offshore law firm, Appleby, has acted as Mauritius legal counsel to UPL Corporation Limited ...

Contributors: Manisha Lallah
14 Nov 2019 | Deals

Appleby Mauritius advises and secures the legitimate interests of the founder of the Vuna Group before the Supreme Court of Mauritius

On the 12th November 2019, the Judge in Chambers of the Supreme Court of Mauritius handed down a fir...