Linklaters advises on India’s first ever co-issuance deal

Linklaters advised the joint lead managers comprised of, Barclays, Goldman Sachs, HSBC, J.P. Morgan and YES Bank, in the co-issuance of US$375 million senior secured Green Bonds, due 2024, marking the first ever co-issuance deal from India, and one of the first in Asia.

The bonds were issued by eight subsidiaries of Renew Power Limited, the largest renewable power producer in India by generation capacity. The eight subsidiaries are special purpose vehicles which hold 11 operational wind and solar projects in India.

The co-issuance structure, involving the eight subsidiaries as co-issuers, involved a mix of high yield and project bond style covenants and was specifically designed to address local law restrictions.

The Linklaters team was led by partner Amit Singh, supported by counsel Michele Discepola, senior US associate Sonny Ha and US associates Christie Mok and Law Clerk Yash Ranade.

Capital Markets partner, Amit Singh, commented

“This significant transaction is in line with India’s goal of increasing their renewable energy capacity to 175 GW by 2022. We are pleased to be involved in this “first” for India and hope that it will positively impact the country’s renewable energy space.”

This is the second major India-related renewable energy transaction Linklaters has been involved with in recent months. The firm previously advised the Greenko Group, one of India’s leading renewable energy companies, on its acquisition of Orange Renewable Holding Pte Ltd from Singapore based AT Capital Group.