Greenko Solar Limited’s US$950 Million Green Bond Offering

Ashurst represented Barclays Bank PLC, Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, Emirates NBD Bank PJSC, Investec Bank plc, J.P. Morgan Securities plc, Morgan Stanley & Co. International plc and Standard Chartered Bank as the joint bookrunners and lead managers, and J.P. Morgan Securities plc as lead green structuring agent in the offering of US$950 million of senior notes by Greenko Solar Limited, a subsidiary of Greenko Energy Holdings.

The Notes comprise two tranches: US$500 million 5.55% Senior Notes due 2025 and US$450 million 5.95% Senior Notes due 2026, and are guaranteed on a senior basis by Greenko Energy Holdings and secured by a share pledge over the capital stock of Greenko Solar and a first priority security interest in an escrow account of the net proceeds from the sale of the Notes, prior to the release therefrom to subscribe for Rupee NCDs or loan Rupee ECBs to be issued or borrowed by certain subsidiaries of Greenko in India.

Backed by the sovereign wealth funds of Singapore and Abu Dhabi, GIC and Abu Dhabi Investment Authority, Greenko is India’s largest clean energy producer with 4.1 gigawatts of operational capacity across wind, solar and hydro power.

The Ashurst team was led by Anna-Marie Slot (Picture), assisted by partner Jeffrey Koppele, counsels Natalia Sokolova and Ethan Perry, senior associates Chin Lee and Robert Thurlow.

Involved fees earner: Jeffrey Koppele – Ashurst; Chin Lee – Ashurst; Ethan Perry – Ashurst; Anna-Marie Slot – Ashurst; Natalia Sokolova – Ashurst; Robert Thurlow – Ashurst;

Law Firms: Ashurst;

Clients: Barclays Bank; Citigroup Global Markets Ltd; Deutsche Bank AG Singapore Branch; Emirates NBD Bank PJSC; Investec Bank Plc; JP Morgan Securities; Morgan Stanley; Standard Chartered Bank;