Hindustan power’s Clean energy arm has become the first Indian solar firm to enter the credit enhancedbond market having the Issue fully underwritten by YES Bank Limited.
With this, the clean energy arm is set to issue secured, rated, listed, partially guaranteed, debentures of Rs. 3,80,00,00,000 (Rupees three hundred and eighty crore) on a private placement basis to YES Bank Limited for three of its AA+(SO) rated projects in Gujarat.
These Debentures will be listed on the wholesale debt market segment of the National Stock Exchange (NSE) pursuant to and in accordance with the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (as amended).
Speaking about the achievement, RatulPuri, Chairman, Hindustan Powerprojects Limited, said, “The clean energy arm has had many firsts in the Indian solar sector. We are happy to continue with the tradition and be the first and largest solar player to enter the credit enhancement bond market. We are thankful to IIFCL, ADB and YES Bank Limited and are happy to partner them in opening up the long term capital market funds for infrastructure sector in the country.”
Stating that this Bond issue has paved the way towards accelerating development of a corporate bond market for the infrastructure sector, Sanjay Palve, Group President, YES Bank said, “YES Bank is pleased to announce its participation in credit enhanced bond in the solar power sector on fully underwritten basis.”