The Clean Tech News
Sindicatum Renewable Energy Fuel Renewable Energy Initiatives in Asia

Sindicatum Renewable Energy, based in Singapore, took major green steps in 2018 and signed a $60 million green bond deal with GuarantoCo Ltd.
The green bonds were used to fund the construction and acquisition of Sindicatum Renewable Energy’s solar and wind power projects in India and the Philippines.

The transaction of the green bonds was in Indian Rupees (₹) and the Philippine Peso (PhP), but was settled in US Dollars ($).

GuarantCo Ltd, provided investors with a 100% guarantee for a total of $60 million investment divided into three: a $15 million five-year Rupee tranche, a $25 million seven-year Rupee tranche, and a $20 million 10-year Peso tranche.

Assaad Razzouk, CEO, Sindicatum Renewable Energy, said: “We are delighted to have successfully completed this landmark Philippine Peso-denominated green bond.”

Lasitha Perera, CEO, GuarantCo, said, they started with the first 10-year local currency green bond transaction from South East Asia and this “most importantly will support green field projects in the Philippines.”

Since then, Sindicatum Renewable Energy has used green bonds to grow their renewable energy portfolio primarily in the Philippines.

Sindicatum Renewable Energy’s latest solar energy project in the Philippines
Sindicatum Renewable Energy with its partners, Armstrong Asset Management and Mabalacat Solar Philippines Inc, implemented Project Clark, a utility-scale solar PV plant, which has been generating approximately 32,000 MW of clean electricity, annually, since 2016.

Project Clark is located within the former Clark Air Base, redeveloped by Clark Development Company (CDC) to become one of Philippines’ leading economic zones.

Green electricity generated at the plant will be exported to the National Grid Corporation of the Philippines (NGCP) through Clark Electric Distribution Corporation.

The electricity delivered to the grid will mainly supply the locators within the Clark Freeport Zone. The plant is also expected to aid CDC and its parent company, BCDA, in reaching their sustainability objectives.

Sindicatum Renewable Energy’s latest solar energy project in India
Sindicatum Solar Energy opened a 15 MWp solar plant within the Charanka Solar Park, one of the world’s first multi-developer, multi-facility, multi-technology and multi-beneficiary solar parks, located in Charanka Village, Patan District, State of Gujarat.

The plant became fully operational in 2012 and has been successfully running since. Currently, the installed capacity is 350 MW with over 25 developers.

The Majority of the infrastructure facilities at the plant, including part of the lease for the land, roads, power evacuation facility, raw water pipeline, water treatment plant, sewage treatment plant, auxiliary power distribution network, are provided by Gujarat Power Corporation Limited, the Nodal Agency for the development of Solar Park in Gujarat.

The green electricity generated from the project is sold to Gujarat Urja Vikas Nigam Limited (GUVNL) which is connected to North Eastern Western North-Eastern Grid (NEWNE) of India.

Assaad Razzouk, talked to CleanTech News about corporate sustainability, democratising energy and more in an insightful interview.

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