6 March 2020
Clifford Chance advises Vena Energy on its inaugural US$325 million green bond
Leading international law firm Clifford Chance has advised renewable energy company Vena Energy on the establishment of its US$1 billion euro medium term note programme and debut offering of US$325 million senior unsecured fixed rate green notes due 2025. The deal marks the first ever US dollar Corporate Green Bond benchmark offering from a Singapore-headquartered company.
Vena Energy, a portfolio company of Global Infrastructure Partners, is a leading independent power producers (IPP) of renewable energy in Asia Pacific and invests, develops, constructs and operates exclusively solar, wind and energy storage projects. Headquartered in Singapore, Vena Energy currently has assets and operations in Australia, India, Indonesia, Japan, Philippines, South Korea, Taiwan and Thailand.
Crédit Agricole CIB, DBS Bank Ltd, ING and MUFG were the joint global coordinators and together with ABN AMRO, Banca IMI, BNP Paribas and SMBC Nikko, were also the joint lead managers.
Partner Gareth Deiner led on the deal, with support from senior associate Chong Ying Chiang. Partner Johannes Juette advised on the US federal securities laws aspects of the transaction.
"Clifford Chance fielded a very strong and dedicated team that worked alongside us throughout and were integral in the execution and delivery of this landmark initiative for Vena Energy" said Simone Grasso, Vena Energy’s Chief Investment Officer.
Gareth said, "We are proud to advise on this transaction which will advance the clean energy agenda through projects that have tangible environmental benefits. The debt capital markets are at the vanguard of sustainable finance and we are honoured to be involved in the global energy transition and continued move towards decarbonisation in the Asia Pacific region."
Clifford Chance regularly advises on market-leading renewables and sustainable finance transactions in Asia Pacific. In addition to advising on the world's first ever sovereign green sukuk for the Republic of Indonesia and on the first ever sale of green covered bonds from a Chinese bank, the firm also advised on Taiwan's Formosa 1 (Asia's first commercial-scale offshore wind farm) and Formosa 2 offshore wind projects, and Global Infrastructure Partner's US$5 billion acquisition of Equis Energy's portfolio of renewable energy assets.