Sindicatum Renewables Lists Green Bonds On London Stock Exchange

The proceeds from the issue are expected to be used to finance renewable energy projects in India and the Philippines

November 29, 2018


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

The proceeds from the issue, totalling an approximate $60 million equivalent as at the respective issue dates and each payable in USD, have been used, or are in the process of being used, to finance renewable energy projects in India and the Philippines as well as refinance certain existing indebtedness.

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.

Assaad Razzouk, CEO of Sindicatum Renewables said that “We are delighted to announce the listing of our Green bonds on London Stock Exchange’s International Securities Market, which we see as an important natural next step in the development of our company. We also hope that this listing will enhance the awareness of innovative financial solutions for investments in sustainable energy in South and South East Asia.”

Lasitha Perera, CEO of GuarantCo, said that “The listing today represents a major milestone for Sindicatum Renewables and GuarantCo. Supporting the development of local capital markets is a priority for PIDG companies, and capital markets in India and the Philippines have a crucial role to play in the development of the countries’ infrastructure sector that is critical to its economic development and future prosperity.”

In January 2018, Mercom reported on the news of Sindicatum raising ₹2.5 billion ($39.3 million) through international green bonds.

Shaurya is a staff reporter at with experience working in the Indian solar energy industry for the past four years in various roles. Prior to joining Mercom, Shaurya worked with a renewable energy developer and a consulting company. Shaurya holds a Bachelors Degree in Business Management from Lancaster University in the United Kingdom.