SINGAPORE-headquartered Sindicatum Renewable Energy Company Pte Ltd, a regional developer, owner and operator of clean energy projects, closed an international green bond deal denominated in Indian rupees (and payable in US dollars) for an aggregate amount of 2.5 billion rupees (approx. US$40 million) in two tranches with five and seven-year maturities.
The bonds are rated A1 by Moody’s and AA- by Fitch respectively. The guarantor is GuarantCo, the international development finance institution headquartered in London. GuarantCo is part of the multilateral Private Infrastructure Development Group (PIDG).
This bond marks a number of firsts. Sindicatum Renewables is the first Singaporean company to issue international green bonds in Indian rupees. It is also the first international green bond issued by a Singapore renewable energy company with a maturity of seven years; the first international green bond issued in accordance with both the International Capital Market Association (ICMA)’s Green Bond Principles 2017 (GBP) and the Asean Green Bond Standards, which are formed based upon ICMA’s GBP; and the first international bond guaranteed by GuarantCo in Asia, acting as a market-opening transaction for other GuarantCo-guaranteed local currency international capital markets transactions.