Indian renewable energy company Greenko Energy issued Asia’s largest green bond offering of the year, raising US$950 million.
The notes comprised two tranches – US$500 million 5.55% senior notes due 2025, and US$450 million 5.95% senior notes due 2026. The notes are guaranteed on a senior basis by Greenko Energy Holdings and secured by a share pledge over the capital stock of Greenko Solar and a first priority security interest in an escrow account of the net proceeds from the sale of the notes, before the release, to lending to or subscription of offerings by Greenko’s Indian subsidiaries.
The issuance was the largest high-yield bond issuance from India this year, and the largest corporate green bond issuance from Asia. It is the third issuance from the Indian clean energy producer, which has 4.1 gigawatts of operational capacity across wind, solar and hydro power. Greenko’s shareholders include GIC Holdings and Abu Dhabi Investment Authority (ADIA).
Ashurst represented the offerings’ joint bookrunners and lead managers Barclays, Citigroup Global Markets, Deutsche Bank, Emirates NBD Bank, Investec Bank, JP Morgan Securities, Morgan Stanley and Standard Chartered Bank. JP Morgan Securities was the lead green structuring agent in the offering.
The Ashurst team was led by Anna-Marie Slot, assisted by partner Jeffrey Koppele, counsel Natalia Sokolova and Ethan Perry, and senior associates Chin Lee and Robert Thurlow. Talwar Thakore & Associates was Indian counsel to the bookrunners.
Shearman & Sterling represented Greenko Energy and Greenko Solar (Mauritius). The Shearman team included partner Andrew Schleider and associate Jeremy Wang. Cyril Amarchand Mangaldas was Indian legal counsel to the issuer.