India’s Yes Bank Raises $50 Million Through Green Bond Issue
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One of India’s leading names in the green bonds market is raising funds through the private placement of debt instruments aimed at financing low-carbon infrastructure.
Yes Bank, a private bank headquartered in the western Indian state of Maharashtra, recently announced that it will raise Rs 330 crore (US$49.5 million) by issuing Green Infrastructure Bond to FMO, the development bank of Netherlands.
The funds raised through this exercise will be used by Yes Bank to provide debt financing to solar and renewable energy projects in India. The use of the revenue raised will be verified through a third-party audit, and an external annual review will also take place on the lines of Green Bond Principles 2016.
This is the third green bond issued by Yes Bank. The company became the first Indian entity to issue green bonds when it raised $150 million in February 2015. The issue was a resounding success as it was subscribed twice over. The bank raised an additional Rs 315 crore (US$49 million) through private placement to International Finance Corporation (IFC).
Yes Bank has pledged to finance 5 GW of renewable energy capacity in India over the next few years. The bank remains bullish about the global green bonds market and has signed an agreement with the London Stock Exchange (LSE) regarding the listing of green bonds and equity instruments to raise funds for clean energy infrastructure. The bank has announced plans to list green bonds worth $500 million on LSE by December 2016.
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