Appleby Mauritius advised Azure Power Energy Ltd (Issuer), a special purpose vehicle incorporated under the laws of Mauritius and wholly owned by Azure Power Global Limited (Parent), a public company incorporated under the laws of Mauritius and listed on the New York Stock Exchange, on the issuance of its USD414,000,000 3.575% Senior Notes due in 2026 (USD Notes). The USD Notes are to be listed on the Singapore Exchange Securities Trading Limited.
Azure Power Energy Ltd will primarily use the net proceeds of the 5-year USD Notes to refinance its existing 5.50% US$500,000,000 Green Bond issued in 2017 and due in 2022. The USD Notes will be secured by the Parent by way of a fixed charge over its shares held in the Issuer.
The USD Notes has been certified by Climate Bonds Initiative as a Green Bond and is the third solar Green Bond offered by Azure Power Group after issuances in 2017 and 2019.
Barclays, HSBC, Standard Chartered Bank, Credit Suisse and MUFG were the Joint Global Coordinators and Bookrunners for the transaction along with Jefferies, Roth Capital Partners, Société Générale and ICICI Bank as the Joint Bookrunners.
Appleby Mauritius advised Azure Power Energy Ltd on Mauritius law aspects of the transaction alongside Linklaters Singapore Pte. Ltd. which advised on New York and U.S. federal securities and Talwal, Thakore & Associates which advised on Indian law.
Latham & Watkins LLP and Cyril Amarchand Mangaldas advocates & solicitors advised the initial purchasers of the USD Notes.
Azure Power Global Limited holds the whole structure of the Azure Group including the Issuer. The Azure Group developed India's first private utility scale solar project in 2009 and has been at the forefront of developments in the sector as a developer, constructor and operator of utility scale, micro-grid and rooftop solar projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, the Azure Group manages the entire development and operation process, providing low-cost solar power solutions to customers throughout India.
The Appleby team was comprised of Managing Partner, Malcolm Moller and Senior Associate, Muhammad Aadil Koomar.