CLP India Raises $92 Million Through Green Bonds
A private renewable energy developer has successfully completed funding by raising $92 million through green bonds.
CLP India recently announced that it raised Rs 600 crore ($92.3 million) through the issuance of corporate green bonds. The proceeds from the bond issue shall be used for expanding the company’s renewable energy capacity.
CLP India also became the first company from the Indian power sector to have raised funds through green bonds. So far, only financial institutions in India have issued green bonds. The company issued bonds with a coupon rate of 9.15% per annum, with maturity in April 2018, 2019, and 2020.
Currently, the Indian Import-Export Bank leads in the Indian green bonds market, having raised $500 million in dollar-denominated bonds issued earlier this year, while Yes Bank, India’s fourth-largest private sector bank, has raised almost $200 million through two issues this year.
Several other government entities and private companies in India are planning to issue green bonds in the near future, including Rural Electrification Corporation, Power Finance Corporation, IDBI Bank, Indian Renewable Energy Development Agency, India Infrastructure Finance Limited, and ICICI Bank. Additionally, India’s largest power generation company, NTPC Limited, is reportedly planning to raise $500 million through green bonds. Earlier this year, HBSC India also announced plans to issue its first green bond.
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