One of India’s leading foreign investors in the power sector, CLP Group’s wind energy arm in India, CLP Wind Farms (India) has raised Rs 2,960 million through the issuance of rated, secured, unlisted, redeemable and non-convertible debentures. The green bonds will be issued in two tranches of Rs 1,969 million and Rs 1,000 million. These are yearly-coupon bonds which have been assigned a rating of AA by India Ratings and Research Private Limited.
CLP India is owned by the Hong Kong headquartered CLP Group, and the leading Canadian institutional fund manager, Caisse de depot et placement du Quebec. CLP Wind Farms (India) aims to use these funds for refinancing of project loans in the wind power space. Standard Chartered Bank and DBS Bank India are the arrangers for the bond issuance for a tenure of two to three years according to a company statement.
CLP entered the Indian power market in 2002 and has since expanded its portfolio to over 3,000 MW, comprising supercritical coal, gas-fired, wind and solar power plants and transmission assets. CLP India was among the first in the industry to announce a corporate green bond issuance from South Asia and Southeast Asia. It raised Rs 6 billion from green bonds to secure capital expenditure for its renewable energy projects in 2015.