India: IFC to provide up to $40m debt to Tata Cleantech Capital

International Finance Corp (IFC) has agreed to provide $40 million worth senior debt to Tata Cleantech Capital Ltd (TCCL).

TCCL will subscribe to secured non-convertible debentures, structured as a green bond, to be issued by the company, according to a disclosure.

The company will use the proceeds to finance wind, solar and other climate finance projects that meet the green bond eligibility criteria.

Mumbai-headquartered TCCL is a joint venture between Tata Capital and IFC, the investment unit of World Bank Group. The company offers end to end business solutions in the clean technology space. It identifies, evaluates & funds projects in renewable energy — solar, wind, small hydro, biomass etc, energy efficiency and water treatment sectors.

In TCCL, Tata Capital owns 80.5 per cent while 19.5 per cent stake are held by IFC. It has funded more than 80 renewable energy projects with a total capacity of 3,500 MW.

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms.

IFC’s recent investments include financing to Aavas Financiers Ltd, HDFC and Bajaj Finance through NCD routes; and $6 million to Bangladesh-based Ananta Apparels, $50m loan to Dhaka-based Prime Bank, $50 million senior loan to Sri Lanka’s Nations Trust Bank, $40 million to Au Small Finance Bank and others.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.