CLP Wind Farms raises INR 296.9 crore via green bonds

CLP India arm CLP Farms (India) has raised Rs 296.9 crore through non-convertible debentures.

The company in a statement said “CLP 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.”

The move will help CLP India, one of the largest foreign investors in the Indian power sector, sustain the expansion of its portfolio in alignment with the company”s vision to invest in low businesses.

India Ratings and Research Private Limited has 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.

The proceeds from these will be utilised to refinance loans used for projects in the field of from wind sources.

“The issuance of these 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 depot et placement du Quebec (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,” CLP India Managing Director Rajiv Mishra said.

Being the pioneer in introducing asset-specific bonds, CLP India has utilised innovative financial structures that have yielded great results over the years in improving the overall project viability. These green bonds will provide funds at competitive rates, the company”s Director – Finance and Chief Financial Officer Samir Ashta said.

CLP India is one of the largest 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.

CLP India 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.

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.