Latham & Watkins Advises Adani Green Energy Limited on US$500 Million Green Bond Offering

Landmark transaction is India’s second ever co-issuance bond offering

June 24, 2019

Latham & Watkins represented Adani Green Energy Limited, through subsidiaries and co-issuers Adani Green Energy (UP) Limited, Parampujya Solar Energy Private Limited and Prayatna Developers Private Limited, in the US$500 million co-issuance of 6.25% senior secured notes due 2024. The notes of each co-issuer are also guaranteed by each of the other co-issuers. The notes are listed on the SGX-ST and the India INX. 

This is only the second co-issuance by an Indian company, with Latham & Watkins advising ReNew Power Ventures Private Limited on India’s first co-issuance in March 2019. 

The joint bookrunners for the notes offerings were Barclays Bank PLC, Citigroup Global Markets Limited, Credit Suisse (Hong Kong) Limited, Emirates NBD Bank PJSC, J.P.Morgan Securities plc, MUFG Securities Asia Limited, SBICAP (Singapore) Limited, Standard Chartered Bank and YES Bank. 

In connection with the offering, the co-issuers received an independent assurance from KPMG regarding the suitability of the notes and their green bond program as an investment in connection with certain environmental and sustainability criteria. S&P Global Ratings has also conducted a green evaluation in relation to the notes and issued an overall score of E1/90. 

The Latham & Watkins team was led by Singapore partner and India Practice Head Rajiv Gupta, with Singapore counsel Monsiree Jirasarunya and associate Su Yeun Yang. Additional corporate advice was provided by partner Lene Malthasen and associate Emma Pianta in London and counsel Louis Rabinowitz in Hong Kong. Tax advice was provided by New York partners Jiyeon Lee-Lim and Bora Bozkurt, with associate Lauren Bewley. 

“Latham is pleased to have advised Adani Green Energy Limited on this landmark transaction, the firm’s sixth transaction for Adani Group, having previously advised on more than US$2 billion in bond issuances by Adani Ports and Adani Transmission. This transaction is the latest in a long line of green issuances Latham has advised on in India, one of the leading renewable energy markets globally,” said Gupta.

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