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Green Finance
Neovantage secures US$35.87 million green loan
Deal represents HSBC’s first green facility in life sciences real estate in India
The Asset 20 Sep 2024

South Asia’s largest private owner and operator of life sciences-focused real estate Neovantage Innovation Parks has secured its inaugural green loan of 300 crores Indian rupees (approximately US$35.87 million) from HSBC India.

Neovantage Innovation Parks is a portfolio of eight buildings located in Genome Valley in Hyderabad, India, with premier multi-national and large Indian companies as tenants; and it is setup as a joint venture (JV) between Ivanhoé Cambridge, the real estate group of CDPQ, and Lighthouse Canton, a global investment institution.

This is HSBC’s first green loan facility in the life sciences real estate sector in India. It was awarded on the back of the JV’s commitment to eco-innovation and sustainable operations across its properties.

The JV has achieved this by maintaining for all its operating buildings a prestigious Gold or higher rating under the LEED for Operations and Maintenance (O+M) - Existing Buildings certification, awarded by the US Green Building Council.

Refinancing of existing debt with the green loan facility, the JV says, is aligned with its ongoing initiatives to maintain an environmentally responsible and operationally efficient real estate portfolio.

In recognition of its continued commitment to these high standards, the JV has also secured a rate reduction on the loan, reflecting the reduced risk and enhanced creditworthiness due to its sustainable business practices.