Dechert Advises Sindicatum Renewable Energy Company Pte Ltd on Three Guaranteed Green Bonds

Dechert’s Capital Markets team, led by London-based partner Patrick Lyons, advised Sindicatum Renewable Energy Company Pte Ltd (Sindicatum), a renewable energy independent power producer incorporated in Singapore that develops, owns and operates generation facilities in South and Southeast Asia, on three guaranteed green bonds (the Green Bonds):

• Indian Rupee (INR) 951,100,000 8.6% Guaranteed Green Bonds Due 2023;
  
  
• INR 1,585,300,000 9.35% Guaranteed Green Bonds Due 2025; and
  
  
• Philippine Peso (PHP) 1,060,200,000 7.4% Guaranteed Green Bonds Due 2028. 

Each of the Green Bonds is payable in U.S. Dollars and guaranteed by GuarantCo.  The Green Bonds were issued in accordance with the International Capital Market Association Green Bond Principles 2017 (the Green Bond Principles) and the ASEAN Green Bond Standards (the Green Bond Standards). The INR denominated Green Bonds were the first ever issued in accordance with these standards.  The proceeds of the Green Bonds are intended to be used to finance renewable energy projects in India and The Philippines and to refinance certain existing indebtedness in accordance with the Green Bond Principles and the Green Bond Standards. The Green Bonds were subsequently listed on the green bond segment of the International Securities Market of the London Stock Exchange.  

The Green Bonds were guaranteed by GuarantCo Limited, a Private Infrastructure Development Group (PIDG) company which is supported by the governments of Australia, Netherlands, Sweden, Switzerland and the United Kingdom.

The Dechert team was comprised of Patrick Lyons and Jennifer Rees in London and Joshua Pileggi in Dubai. “We are pleased to have had the opportunity to advise the Sindicatum team and to demonstrate Dechert’s continued commitment to support renewable projects in India and the Philippines. This transaction marked the first PHP-denominated green bond to list on the London Stock Exchange and is yet another series of “first-of-their kind” capital markets transactions which Dechert has advised on”, said Patrick Lyons.

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