Bryan Cave Leighton Paisner advises a leading renewable energy developer on a debut issue of non-recourse green bonds of RUB 5.7 bn

18.03.2020

Bryan Cave Leighton Paisner, formerly Goltsblat BLP in Russia, Banking & Finance team has successfully acted for a leading Russian renewable energy developer on an issue of 10-year debut green bonds by a special financing vehicle RuSol 1. Proceeds from the issue will be partly used for refinancing existing facilities granted to develop two solar power plants with a total installed capacity of 30 MW. The deal is secured by payments under capacity supply agreements with project companies operating two solar plants in the Astrakhan Region.

Three tranches of secured non-recourse green bonds with a 10-year maturity were issued within a private placement among qualified investors on the Moscow Exchange (MOEX): a senior tranche rated А+(RU) by ACRA; a subordinated tranche rated ВВВ+(RU) and one unrated junior tranche. RAEX-Europe issued a Verifier’s Second Party Opinion for issue of green bonds and confirmed that the bonds complied with the four core components of the Green Bond Principles 2018 (ICMA GBP 2018).

Proceeds from the issue will be used by SFV RuSol 1 for, among other things, providing project companies with loans secured by an extensive security package, including share pledges, pledge of rights under power supply contracts, bank account pledges, pledge of movable property, etc.

According to RAEX-Europe, the bond issue is the first one of structured green bonds in the CIS and is also the biggest green bond issue amount on the local market.

The Bryan Cave Leighton Paisner team of lawyers was led by Banking & Finance Partner Oleg Khokhlov and Counsel Igor Zhivotov with support from Banking & Finance Associate Evgeniya Shirugina and Corporate/M&A team, including Partner Matvey Kaploukhiy and Associate Mikhail Filatov.

 

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Rating-Agentur Expert RA GmbH (RAEX-Europe) is an independent European Credit Rating Agency affiliated with the international group RAEX, which has more than 20 years’ experience in the rating and analytical industry. The Agency is registered by ESMA (European Securities and Markets Authority) and received ECAI status (External Credit Assessment Institution). The head office of the Agency is located in Frankfurt am Main. RAEX-Europe assigns classic credit ratings according to the international scale, as well as non-credit ESG ratings (environmental, social and governance). It also issues ESG rankings, Green Bond Second Opinions, organises business events and meetings.

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