HSBC has concluded a deal to finance an Indian leading renewable energy company. Greenko is a leading renewable energy company in India with a net installed capacity of 7.2 gigawatts spanning across 15 states in India. Its holding company, Greenko Energy Holdings, is incorporated in Mauritius.
When Greenko needed a bank to act as escrow agent for a transaction which involved seven different parties, HSBC Mauritius was able to provide a one-stop solution for both cash and document safekeeping escrow facilities.
The complex project involved multiple acquisitions, for a total consideration of about USD 960 million. Six of the seven involved parties bank with HSBC Mauritius.
Commenting on this landmark sustainable finance escrow deal, Bonnie Qiu, CEO of HSBC Mauritius said: “We are extremely proud that we were able to accelerate our client’s transition to more sustainable energy solutions for both cash and document escrow facilities in this complex deal. We believe the transition to net zero presents a unique opportunity to build a more sustainable, resilient, and prosperous future.”
Dean Lam, Managing Director and Head of Wholesale Banking at HSBC adds as follows: “We were able to deliver on our client’s expectations thanks to our longstanding banking relationship with Greenko and our understanding of their needs. This is what we aim to be for our customers and we’re putting sustainability at the heart of our business. At the core of our ambition is a commitment to support our customers on their journey to lower emissions.”
Greenko is leading the digitisation, decarbonisation and decentralisation of the Indian energy market by providing utility-scale, clean and affordable energy to meet India’s long-term energy security needs.
The group is committed to shift towards a carbon-neutral electricity mix by transforming renewable energy from real-time energy to a dispatchable and controlled medium, using storage solutions.
One of the first banks to set up an Offshore Banking Unit in Mauritius in 1991, HSBC has grown to be one of the leading banks in the Mauritius Global Business sector. Its clients enjoy a comprehensive range of trade services, finance and facilities, catering particularly to the needs of Freeport, trade and global business companies operating from Mauritius.