CapitaLand India Trust (CLINT), formerly known as Ascendas India Trust, announced that it secured a sustainability-linked loan (SLL) of S$200 million (about $148 million) from the International Finance Corporation (IFC).
The SLL will be used to refinance CLINT’s existing revolving credit facilities and will also be earmarked for the trust’s existing operational IT business park properties in India.
CLINT’s portfolio includes nine world-class information technology (IT) business parks, one logistics park, three industrial facilities, and four data center developments spread across Bangalore, Chennai, Hyderabad, Pune, and Mumbai.
A sustainability-linked loan is a type of financing instrument where the terms, typically the interest rate, are tied to the borrower’s performance against predefined sustainability criteria.
CLINT has selected two key performance indicators (KPIs) for this SLL. KPI 1 is to reduce the absolute greenhouse gas (GHG) emissions of its IT business park portfolio as of 31 December 2023 by 40.5% from the baseline year of 2019 during the 5-year loan term.
KPI 2 is to obtain Excellence in Design for Greater Efficiencies (EDGE) certification for three selected IT business parks ‒ International Tech Park Chennai, CyberVale, and aVance Pune, by 2026.
“The SLL from IFC not only reflects CLINT’s disciplined capital management but also aims to build trust amongst our stakeholders by providing a credible measurement of our progress in decarbonisation,” said Sanjeev Dasgupta, CEO of CapitaLand India Trust Management Pte Ltd, the trustee-manager of CLINT.
CLINT is a Singapore-constituted business trust only focused on property in India. IT owns income-producing real estate in business parks, logistics, industrial facilities, and, most recently, data centers in India.
