Singapore outfit Sindicatum Renewable Energy has issued an international green bond of Rs2.5bn ($40m) to finance renewable energy projects in India and refinance existing indebtedness.

The bond was issued in two tranches with five- and seven-year maturities. It is rated A1 by Moody’s and AA- by Fitch respectively, with international finance outfit GuarantCo acting as guarantor.

This is the first international green bond issued in accordance with both the International Capital Market Association’s Green Bond Principles 2017 and the ASEAN Green Bond Standards, Sindicatum said.

Sindicatum Renewables chief executive Assaad Razzouk said: “We are delighted to announce the successful closing of our Indian Rupee-denominated international green bond.

“With a seven-year maturity, this bond will allow us to accelerate the pace of our investments in India’s clean energy infrastructure while protecting us from foreign exchange risk.”

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