TT&A acted as the Indian legal advisor to Axis Bank Limited, Singapore Branch, Barclays Bank PLC, Credit Suisse (Hong Kong) Limited, Deutsche Bank AG, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc and Standard Chartered Bank in relation to issue of the US$400,000,000 4.5% senior secured notes due 2027 by India Clean Energy Holdings (“Company”). The proceeds from the dollar notes were utilised to subscribe to the US$ denominated senior notes issued by ReNew Power Private Limited (“Onshore Issuer”) under the Indian external commercial borrowing regime.

The dollar notes issued by the Company are certified green bonds by Climate Bond Initiative and are listed on the Singapore Exchange. This was the first high yield issuance out of the ASEAN and South Asian regions in 2022.

TT&A Team: Priyanka Kumar – Partner; Yashika Jain – Senior Associate; Nikita Agarwal and Riya Shah – Associates