The net proceeds of the 5-year USD Notes will be mainly used to refinance existing debt and were secured by a guarantee from Azure Power Global Limited and a fixed charge over the capital stock of the Issuer.
The USD Notes qualify as green bonds and were certified by Climate Bonds Initiative, a non-profit organisation working solely to mobilise debt capital markets for climate change solutions.
Azure Power Global Limited holds the whole structure of the Azure Group including the Issuer. 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.
Appleby Mauritius advised Azure Power Solar Energy Private Limited on Mauritius law aspects of the transaction alongside Linklaters LLP which advised on New York and U.S. federal securities 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.
Appleby’s Corporate Finance team brings together colleagues from across the globe group to advise some of the world’s most prominent financial institutions and corporations on all aspects of international corporate finance law. The team have extensive experience structuring, negotiating and completing complex financing transactions on behalf of their clients, including companies seeking to borrow capital or issue securities and financial institutions and investment funds serving as lenders and purchasers. They advise on public offerings, public mergers and acquisitions debt and equity financings and private placements.