Global law firm Norton Rose Fulbright has advised GuarantCo, the international development finance institution, in relation to a landmark INR 2.5 billion (approximately US$40 million) dual tranche unsecured wrapped and rated bond issuance by Sindicatum Renewable Energy Company Pte Ltd. Sindicatum is an Asian developer, owner and operator of clean energy projects.

The bond is ground breaking due to a number of firsts. It is the first green bond issued in Indian Rupees by a Singaporean corporate, the first international green bond issued in accordance with both ASEAN Green Bond Standards and ICMA’s Green Bond Principles, the debut international green bond in Asia with a maturity of 7 years issued by a renewable energy developer and the longest dated international INR-denominated bond in Asia by a corporate. It is also the first international bond guaranteed by GuarantCo.

Sindicatum Renewables intends to use the proceeds to finance renewable energy projects in India and refinance existing debt.

Dan Metcalfe, partner, comments:

“This is a trailblazing deal for the green bond market in Asia and we are pleased to be a part of it. Bringing together market leading debt capital markets and green bond experience enabled us to assist longstanding client GuarantCo on its debut international bond guarantee.”

The Norton Rose Fulbright team was led by partner Dan Metcalfe in London, supported by partner Vicky Muenzer-Jones, supported by partners Vicky Muenzer-Jones and Yu-En Ong, of counsels Cynthia Teo and Lishi Fong, and associate Yi-En Ang in Singapore, and by associate Vannina Castellani and of counsel Jacqueline Heng in London.

Norton Rose Fulbright’s leading debt capital markets team has advised on a number of green bond issuances, including recently advising MASEN on the first green bond in Morocco.