Sindicatum closes dual currency locally-denominated green bond

GuarantCo has provided a 100% wrap for a $60 million-equivalent locally denominated dual-currency green bond for Singapore-based renewables developer Sindicatum Renewables. Proceeds will fund the construction and acquisition of solar and wind power projects in India and the Philippines, and refinance existing project debt with FMO and Proparco.

The bond comprises a $15 million-equivalent five-year rupee tranche, a $25 million-equivalent seven-year rupee tranche, and a $20 million-equivalent 10-year Philippine peso tranche. The coupon is 7.4%. ING Bank is sole mandated lead arranger, bookrunner and structuring advisor.