HSBC India Provides Rs 300 Crore Green Loan to Neovantage

New Delhi, Sep 17 (PTI) Neovantage Innovation Parks, which owns and operates life sciences-focused real estate, has raised a Rs 300 crore green loan from HSBC India to refinance its existing debt.

Neovantage Innovation Parks, a joint venture between Ivanhoe Cambridge and Lighthouse Canton, is located in Genome Valley in Hyderabad. It is home to leading pharma and life sciences Research and Development (R&D) companies.

Ivanhoe Cambridge is a real estate group of CDPQ and Lighthouse Canton, a global investment institution.

In a statement on Tuesday, the company said it has "secured its inaugural green loan of Rs 300 crore (canadian dollars 50 million) from HSBC India."

"Refinancing of existing debt with the green loan facility is aligned with the company's ongoing initiatives to maintain an environmentally responsible and operationally efficient real estate portfolio," the company said.

Neovantage Innovation Parks' portfolio consists of 8 world-class, Grade 'A' facilities with premier multi-national and large Indian companies as tenants.

"The development of Neovantage Innovation Parks reflects our dedication as a sustainable and innovative investor," said George Agethen, Head of Real Estate, Asia-Pacific, at CDPQ.

Sanket Sinha, Global Head of Asset Management at Lighthouse Canton, managing Neovantage Innovation Parks, said, "Our first green loan not only underscores our dedication to sustainability but also propels us towards our future green innovation goals".

This funding supports the company's financial strategy and aligns with its vision to create sustainable, thriving business ecosystems, he said.

Amitabh Malhotra, Head, Global Banking, HSBC India said, "We are pleased to work with the company and their sponsors for the group's first green loan and look forward to our continued collaboration. This milestone underscores our commitment in supporting clients to achieve their sustainability goals."

HSBC has previously provided green loan facilities to several other key real estate players in India.

This first green loan from HSBC in the life sciences real estate sector in this country marks the next step in India's commitment to sustainable development. It also demonstrates the growing alignment between financial strategies and global environmental objectives.