DCM TCCL Gr Bond (IFC-39723)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 21, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Tata Cleantech Capital Limited
The holder of the loan, grant, or other investment.
Sectors
  • Climate and Environment
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 75.29 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 27, 2018

Disclosed by Bank May 15, 2017


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Project Description

The proposed investment comprises of up to US$40 million investment in Tata Cleantech Capital Limited (TCCL or the Company) through subscription of secured non-convertible debentures, structured as a Green Bond, to be issued by the Company. The proceeds of the Green Bond will be used to finance wind, solar and other climate finance projects that meet the Green Bond eligibility criteria. TCCL is registered with the Reserve Bank of India as a Systemically Important Non Deposit Accepting Non-Banking Financial Company, engaged in the business of providing finance and advisory services for projects in renewable energy, energy efficiency, waste management, water management and cash flow based infrastructure finance.

Investment Description
  • International Finance Corporation (IFC)

The shareholders of TCCL are Tata Capital Limited (80.5%) and IFC (19.5%).

The investment would involve IFC subscription to up to INR equivalent of US$ 40 million (~ Rs 2,600 2,600 million at an INR: USD rate of 65:1) to a senior debt investment, structured as a Green Bond to be issued by the Company in one or more tranches.

Private Actors

Tata Cleantech Capital Limited (TCCL) provides finances for clean technology project. The Company offers financing and consultancy for energy efficiency, renewable energy projects, and water treatment projects. TCCL serves customers in India.

Contact Information

Project Contact: Mr. Manish Chourasia
Managing Director, Tata Cleantech Capital Limited 
Telephone No.: (091) 022 6606 9000
Email Address: manish.chourasia@tatacapital.com
Office Address: 12th Floor, Tower A 1201, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 
Website: http://www.tatacleantechcapital.in/

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/