India is to welcome one of its first official green bonds this week following the announcement by large domestic solar energy developer Azure Power that it issue the nation’s inaugural offering.
The value of the first Indian green bond is $500 million, and is set to mature in 2022. It has been certified by Climate Bonds Initiative and is the first such bond to be issued by a company that exclusively operates in the Indian solar market.
Proceeds raised from the bond will be steered towards refinancing Azure Power’s existing indebtedness, and will also prop up other areas of general corporate activity, the developer said.
“The transaction is aimed at financing Azure Power’s existing and future eligible solar power projects, which promote sustainability, while optimizing financial costs and diversifying sources of funding,” said Azure Power CEO and chairman Inderpreet Wadhwa. “Through this bond offering we are furthering our contribution towards realization of India’s commitment towards clean and green energy, through solar power generation.”
Azure Power’s green bond is offered to eligible yield investors and those that have been granted a particular mandate or portfolio for buying green bonds.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.