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CLP Wind Farms (India) raises ₹297 crore via green bonds

Standard Chartered Bank and DBS Bank India are the arrangers for the bond issuance for a tenure of two to three years.

CLP Wind Farms (India) Private Ltd., a subsidiary of CLP India Private Ltd. (CLP India), has raised ₹296.9 crore 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 company said in a statement.

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.

The yearly-coupon bonds will be issued in two tranches – ₹196.9 crore and ₹100 crore.

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, the company said.

Rajiv Mishra, MD, 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,” he added.

Samir Ashta, director Finance and CFO, 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.

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