Sindicatum Renewable Energy Company Pte Ltd (Sindicatum), a developer and operator of clean energy projects in Asia, has listed its three guaranteed Indian Rupee (₹) and Philippine Peso (PHP) green bonds on London Stock Exchange’s International Securities Market (ISM).
Sindicatum has announced that the green bonds, all guaranteed by GuarantCo, were issued in three tranches: ₹951 million ($13.4 million) due in 2023; ₹1.58 billion ($22 million) due in 2025; and PHP 1,060,200,000 ($20 million) due in 2028.
GuarantCo, a Private Infrastructure Development Group (PIDG) company, provided the 100% guarantee in support of the green bonds. The INR and PHP denominated green bonds are rated A1 by Moody’s and the INR denominated green bonds are rated AA- by Fitch. Sindicatum expects that over 100,000 people will benefit from clean, renewable energy by the projects in the Philippines and India.
In August 2018, Mercom reported on the news of GuarantCo and Sindicatum signing deal for green bonds worth $60 Million.
According to Sindicatum, the green bonds have been issued in accordance with the International Capital Market Association (ICMA)’s Green Bond Principles 2017 and the ASEAN Green Bond Standards (GBS).
The INR denominated green bonds, which were the first ever issued in accordance with these standards to be admitted to the ISM Green Bond segment.
Sindicatum Renewables claims that it is the first ever offshore private sector corporate entity to issue a 7-year INR Bond. The PHP- denominated green bond is also the first to list on London Stock Exchange.
Reference- Mercom India, GuarantCo website