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Latham & Watkins Advises on Azure Power US$414 Million Green Bond Issuance

August 20, 2021
Leading Indian renewable power producer issues lowest ever coupon in the high-yield segment.

Azure Power Global Limited (Azure Power), a leading independent renewable power producer in India, has issued a US$414 million dollar green bond through its wholly-owned subsidiary Azure Power Energy Ltd. The bond, maturing in 2026, was issued at a coupon of 3.575% which, according to Azure, is the lowest ever coupon in the high-yield segment for any business out of India and the lowest offering from any Indian renewable energy company to date.

The bond has been certified by the Climate Bonds Initiative as a green bond and is the third solar green bond offered by Azure Power after issuances in 2017 and 2019, which Latham also advised on. The proceeds of the bond will primarily be used to refinance Azure Power Energy Ltd’s existing US$500 million 5.50% green bond issued in 2017 and due in 2022.

Latham & Watkins represented the Joint Global Coordinators and Joint Bookrunners who were Barclays, HSBC, Standard Chartered Bank, Credit Suisse and MUFG, along with Jefferies, Roth Capital Partners, Société Générale and ICICI Bank as the Joint Bookrunners.

The deal team was led by Singapore partners Rajiv Gupta and Timothy Hia with associate Ming Wei Loo. US tax advice was provided by New York partner Jiyeon Lee-Lim with associate Seung Huyn Yang.

Azure Power Global Limited

Azure Power is a leading independent renewable power producer in India. Azure Power developed India's first private utility scale solar project in 2009 and has been at the forefront of the sector as a developer, constructor and operator of utility scale renewable projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power manages the entire development and operation process, providing low-cost renewable power solutions to customers throughout India.

About Latham’s India Practice

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$80 billion since 2018.