The green loan obtained by Neovantage Innovation Parks, a joint venture between Ivanhoé Cambridge and Lighthouse Canton, reinforces the portfolio's ESG credentials and represents a key milestone in its commitment to sustainability.
Neovantage Innovation Parks, South Asia’s largest private owner and operator of life sciences-focused real estate, has secured its inaugural green loan of INR 300 crores (~C$ 50 million) from HSBC India. This is HSBC’s first green loan facility in the life sciences real estate sector in India. It was awarded on the back of Neovantage Innovation Parks’ commitment to eco-innovation and sustainable operations across its properties. Neovantage Innovation Parks 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.
Neovantage Innovation Parks, located in Genome Valley in Hyderabad, India, is home to leading Pharma and Life Sciences Research and Development (R&D) companies and is South Asia’s leading privately operated life sciences real estate portfolio. The portfolio is setup as a joint venture (JV) between Ivanhoé Cambridge, the real estate group of CDPQ, and Lighthouse Canton, a global investment institution.
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 portfolio consists of 8 world class, Grade ‘A’ facilities with premier multi-national and large Indian companies as tenants. Their LEED for Operations and Maintenance (O+M) - Existing Buildings Gold Certification is a testament to the portfolio’s comprehensive adoption of best practices in sustainability. The rating certifies the innovative approaches to conservation of energy, water, and enhanced indoor air quality, amongst other environmental achievements.
“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. “We are proud to be an important player, in partnership with Lighthouse Canton, in the life science arena, a high-growth sector that has allowed us to expand and diversify our portfolio.”
The portfolio consists of buildings which have been additionally awarded the LEED Platinum and Gold Certifications for Building Design and Construction - Core and Shell Development, demonstrating excellence and leadership in sustainable design in addition to sustainable operations. Neovantage Innovation Parks has incorporated a forward-thinking approach towards development of environment friendly life sciences innovation infrastructure and has reiterated its commitment in its new projects - Building 9900 and Building 4500 in Genome Valley. Both projects have been awarded the LEED Gold Precertification for Building Design and Construction - Core and Shell Development. Building 9900 was completed earlier this year and has been fully leased to a large Indian contract research company. Building 4500 is targeted to be ready for occupancy by October 2024.
In recognition of its continued commitment to these high standards, Neovantage Innovation Parks has also secured a rate reduction on the loan, reflecting the reduced risk and enhanced creditworthiness due to its sustainable business practices.
"We're thrilled to partner with HSBC on this key milestone. Our first green loan not only underscores our dedication to sustainability but also propels us towards our future green innovation goals," said Sanket Sinha, Global Head of Asset Management at Lighthouse Canton, managing Neovantage Innovation Parks. "This funding supports our financial strategy and aligns with our vision to create sustainable, thriving business ecosystems."
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.
Media Coverage
.png)
.png)
