Mumbai, October 14, 2020: CLP Wind Farms (India) Private Limited, a subsidiary of CLP India Private Limited (CLP India), has raised INR 296.9 crores through the issuance of rated, secured, unlisted, redeemable and non-convertible debentures. Standard Chartered Bank and DBS Bank India are the arrangers for the bond issuance for a tenure of two to three years. The move will help CLP India, one of the largest foreign investors in the Indian power sector, sustain the expansion of its renewable energy portfolio in alignment with the company’s vision to invest in low carbon footprint businesses.
India Ratings and Research Private Limited has assigned a rating of AA to the bonds. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations and very low credit risk. The yearly-coupon bonds will be issued in two tranches – INR 1,969 Million and INR 1,000 Million. The proceeds from these green bonds will be utilised to refinance loans used for projects in the field of renewable energy from the wind sources.
Mr. Rajiv Mishra, Managing Director, CLP India, said, “The issuance of these green bonds will enable us to strengthen our low-carbon portfolio and explore new opportunities in renewables on the back of our strong partnership with Caisse de dépôt et placement du Québec (CDPQ). We are committed to generating and providing reliable power at competitive prices in a sustainable manner in order to be an integral contributor to India’s green economy.”
Mr. Samir Ashta, Director - Finance and Chief Financial Officer, CLP India, said, “Being the pioneers in introducing asset specific bonds, CLP India have utilised innovative financial structures that have yielded great results over the years in improving the overall project viability. These green bonds will provide us with funds at competitive rates.”
CLP India is one of the largest wind power developer in the country with committed wind projects of close to 1,000 MW across six states. In 2015, CLP Wind Farms (India) was the first mover in South Asia to issue corporate green bonds in the power sector.
About CLP India
CLP India is owned by the CLP Group, one of the largest investor-owned power businesses in Asia, and Caisse de dépôt et placement du Québec (CDPQ), a leading Canadian institutional fund manager. Founded in 2002, CLP India has gradually grown its footprint to become one of the largest foreign investors in the Indian power sector. Its diversified portfolio comprises over 3,000MW of electricity generation capacity including wind and solar energy projects across seven states, as well as transmission assets.