Neovantage Innovation Parks Secures INR 300 Crores in HSBC's First Green Loan
Neovantage Innovation Parks, South Asia's leading private life sciences real estate operator, has secured a significant green loan of INR 300 crores from HSBC India. This marks HSBC’s first green loan in the life sciences real estate sector in India and u
Green LoanNeovantage Innovation ParksHsbc IndiaSustainabilityReal EstateReal EstateOct 07, 2024
The loan reinforces Neovantage Innovation Parks’ commitment to eco-friendly operations and sustainable development. Neovantage Innovation Parks is a joint venture between Ivanhoé Cambridge, the real estate arm of CDPQ, and Lighthouse Canton. The company stands out as an industry leader with a portfolio consisting of eight world-class, Grade ‘A’ facilities located in Genome Valley, Hyderabad. This portfolio is home to leading pharmaceutical and life sciences research and development (R&D) companies.
Neovantage Innovation Parks’ operating buildings boast prestigious Gold or higher LEED certifications for Operations and Maintenance (O+M), awarded by the US Green Building Council. These certifications underline the company’s commitment to energy conservation, water efficiency, and maintaining optimal indoor air quality—key elements of its long-standing focus on sustainability.
“This development aligns with our role as a sustainable and innovative investor,” stated George Agethen, Head of Real Estate, Asia-Pacific, at CDPQ. “Partnering with Lighthouse Canton in the life sciences sector has enabled us to diversify our portfolio while supporting high-growth sectors.”
The green loan will refinance existing debt and support the expansion of Neovantage Innovation Parks’ sustainable real estate portfolio. The portfolio has also received LEED Platinum and Gold Certifications for Building Design and Construction – Core and Shell Development, showcasing excellence in both design and operational efficiency. The ongoing construction of Building 9900 and Building 4500 in Genome Valley, both of which have earned LEED Gold Precertification, further emphasizes the company’s commitment to sustainability. Building 9900 has already been fully leased to a leading Indian contract research organization, while Building 4500 is expected to be completed by October 2024.
In recognition of its sustainable business practices, Neovantage Innovation Parks has also secured a rate reduction on the green loan, reflecting the reduced risk and enhanced creditworthiness linked to its eco-friendly initiatives.
“We’re excited to collaborate with HSBC on this landmark green loan,” said Sanket Sinha, Global Head of Asset Management at Lighthouse Canton. “This funding supports our financial strategy and aligns with our vision to create sustainable and thriving business ecosystems.”
HSBC India’s Head of Global Banking, Amitabh Malhotra, expressed enthusiasm for the collaboration, highlighting the bank’s commitment to sustainability. “We are proud to support Neovantage Innovation Parks in their sustainability goals through this green loan and look forward to continuing our partnership.”
This green loan highlights a growing trend where financial strategies align with global environmental goals, showcasing Neovantage Innovation Parks’ leading role in advancing sustainability within India’s real estate sector.
Frequently Asked Questions
What is a green loan?
A green loan is a type of financial product designed to support environmentally friendly projects and initiatives. These loans are typically used to fund projects that reduce carbon emissions, promote energy efficiency, or have other significant environmental benefits.
Who is Neovantage Innovation Parks?
Neovantage Innovation Parks is the largest private life sciences real estate operator in South Asia. It is a joint venture between Ivanhoé Cambridge, the real estate arm of CDPQ, and Lighthouse Canton, with a portfolio of eight world-class, Grade ‘A’ facilities in Genome Valley, Hyderabad.
What is the value of the green loan secured by Neovantage Innovation Parks?
Neovantage Innovation Parks has secured a green loan valued at INR 300 crores (approximately C$ 50 million) from HSBC India.
What are LEED certifications?
LEED (Leadership in Energy and Environmental Design) certifications are awarded by the US Green Building Council to buildings that meet rigorous standards for energy efficiency, water conservation, and sustainability. Neovantage Innovation Parks’ buildings have earned Gold or higher LEED certifications for Operations and Maintenance (O+M).
What is the significance of this green loan for HSBC India?
This green loan is significant for HSBC India as it marks their first green loan facility in the life sciences real estate sector in India, highlighting their commitment to sustainable finance and environmental goals.
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