Azure Power Energy Ltd’s $414 Million Green Bond Issuance

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 (NYSE: AZRE), leading independent renewable power producer in India, issued a Senior Notes of US$414,000,000, through its wholly owned subsidiary, Azure Power Energy Ltd. The Bond, maturing in 2026, will be issued at a coupon of 3.575%. 

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.

Azure Power Energy Ltd. is a special purpose vehicle incorporated under the laws of Mauritius and wholly owned by Azure Power Global Limited, leading independent renewable power producer in India. Azure Power Global developed India’s first private utility scale solar project in 2009 and has been at the forefront of the sector as a developer, constructor and operator of utility scale renewable projects since its inception in 2008. 

The Appleby team was comprised of Managing Partner, Malcolm Moller (Picture) and Senior Associate, Muhammad Aadil Koomar.

The Latham & Watkins’ team was led by Singapore partners Rajiv Gupta and Timothy Hia with associate Ming Wei Loo. US tax advice was provided by New York partner Jiyeon Lee-Lim with associate Seung Huyn Yang.


Involved fees earner: Muhammad Aadil Koomar – Appleby; Malcolm Moller – Appleby; Rajiv Gupta – Latham & Watkins; Timothy Hia – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Ming Wei Loo – Latham & Watkins; Seung Hyun Yang – Latham & Watkins;

Law Firms: Appleby; Latham & Watkins;

Clients: Azure Power Solar Energy Private Limited; Barclays Bank; Credit Suisse; HSBC; ICICI Bank Limited; Jefferies; MUFG; Roth Capital Partners, LLC; Société Générale; Standard Chartered Bank;

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