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Sindicatum Renewable issues INR-2.5bn green bond

Time: 1/29/2018 9:16:40 AM                       Publisher: Staff
The Patan solar park in Gujarat, India. Source: Sindicatum Renewable Energy (www.sindicatum.com).
 
January 26 (Renewables Now) - Singapore-based Sindicatum Renewable Energy Co Pte Ltd has completed the issuance of INR 2.5 billion (USD 39.4m/EUR 31.6m) of green bonds to refinance debt and fund projects in India.
 
The developer, owner and operator of renewable energy projects becomes the first Singaporean firm to offer international Indian Rupee-denominated green bonds. ING Bank NV was the sole lead arranger, bookrunner and green bond structuring advisor for the transaction.
 
The bonds, guaranteed by UK development finance company GuarantCo, were placed in two tranches with maturities of five and seven years, respectively. They received A1 rating by Moody’s and AA- by Fitch, Sindicatum said earlier this week.
 
“With a 7-year maturity, this bond will allow us to accelerate the pace of our investments in India’s clean energy infrastructure while protecting us from foreign exchange risk” said CEO Assaad W Razzouk.
 
Operating since 2013, Sindicatum owns renewable energy assets in South and Southeast Asia. In India, it owns a 15-MWp solar park in Gujarat and a 5.2-MWp photovoltaic (PV) facility in Rajasthan, both of which are operational, according to its website.
 
Source:renewablesnow
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