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Vena energy issue $325m in green bonds

Vena Energy, one of Asia-Pacific’s leading independent power producers (IPP) and pure renewable energy company, has announced the successful issuance of a benchmark USD 325 million (5-year 3.133 percent fixed rate) green bond offering. This is the first corporate USD Green Bond issuance from a Singapore-based company.

The Green Bond rated BBB- by Standard & Poor’s and listed on the Singapore Exchange, is issued under Vena Energy’s Euro Medium Term Notes Programme established in November 2019. The Green Bond proceeds will be used to refinance existing corporate loans for the development, construction and operation of Eligible Green Projects in accordance with the firms’ Green Financing Framework, which was established in 2018 to enhance the company’s planning and disclosure practices as well as providing transparency and accountability to all its stakeholders.

The Green Bonds issuance was facilitated by Crédit Agricole CIB, DBS Bank Ltd, ING and MUFG serving as Joint Global Coordinators and Joint Lead Managers. ABN AMRO, Banca IMI, BNP PARIBAS and SMBC Nikko served as Joint Lead Managers. Crédit Agricole CIB and SMBC Nikko also served as Joint Green Structuring Advisors.

“This is a significant milestone for Vena Energy as we access the international capital markets and an affirmation of the positive contributions that we have made to the environment and host communities in the Asia-Pacific region,” said Nitin Apte, CEO of Vena Energy. “We are proud of the positive reception from global investors experienced during our roadshows across Asia and Europe, as we reaffirmed our commitment to play a leading role in developing and generating clean renewable energy to accelerate the transition to a low carbon economy across the Asia-Pacific region.”

In January, the ORIX Corporation had decided to issue its first Green Bond(unsecured straight bonds) in the domestic market of Japan. Through the issuance of Green Bonds, all funds raised will be used for the firms’ solar power generation business.

In December 2019, we had reported that the Adani Group’s aggressive moves in the dollar bond market had led to amplified interest for foreign investors in the Indian renewable energy space. Amortising green bonds worth USD 362.5 million issued by Adani Green Energy Limited (AGEL) became India’s first investment-grade offering from the nation’s renewable energy sector to global investors.

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