Wind Energy arm of CLP India Raises Nearly Rs 300 Crore via Green Bonds

CLP Wind Farms (India) has raised Rs 296.9 crore through non-convertible debentures/ green bonds.

CLP Wind Farms (India), the wind energy subsidiary of CLP India, has announced that it has raised Rs 296.9 crore through non-convertible debentures/ green bonds.

“CLP Wind Farms (India) Private Ltd, a subsidiary of CLP India Private Ltd (CLP India), has raised Rs 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,” a company statement read.

The firm has announced that the proceeds from these green bonds will be utilised to refinance loans used for projects in the field of renewable energy from wind sources. The move will help the firm sustain the expansion of its renewable energy portfolio in alignment with the company’s vision to invest in low carbon footprint businesses.

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CLP India is one of the largest wind power developers 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. It is owned by the CLP Group, one of the largest investor-owned power businesses in Asia, and Caisse de depot et placement du Quebec, a leading Canadian institutional fund manager.

“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,” Rajiv Mishra, MD – CLP India said.

India Ratings and Research Private Limited had assigned AA rating 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 – Rs 1,96.9 crore and Rs 100 crore.

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 3,000 MW of electricity generation capacity, including wind and solar energy projects across seven states, as well as transmission assets.