Indian Renewable Energy Agency Raises $109 Million In Masala Green Bonds

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The Indian Renewable Energy Development Agency recently raised $109 million through green bonds and is planning to raise even more through this route in the coming months.

The non-banking financial agency of the Ministry of New & Renewable Energy is out to raise funds through green bonds and has already raised Rs 700 crore ($109 million) this year. The agency managed to raise funds from Indian investors by offering rupee-denominated instruments.

The Indian Renewable Energy Development Agency (IREDA) has also announced that it will raise $350 million through two separate issues. The funds shall be raised through the Singapore Stock Exchange, where the bonds will be listed as well. IREDA plans to list the bonds at the London Stock Exchange as well.

IREDA is likely to sanction debt finance worth Rs 13,000 crore ($2 billion) for renewable energy projects across the country in financial year 2017-18, i.e. between 1 April 2017 and 31 March 2018.

By sanctioning this amount, IREDA will likely capture a fifth of the debt finance market for renewable energy projects in FY2017-18. Of the sanctioned amount, more than 60% will be disbursed within the financial year. The agency has already sanctioned a cumulative Rs 37,000 crore ($5.66 billion) and has disbursed a total of Rs 28,000 crore ($4.28 billion). This translates into debt finance for 7,000 megawatts of capacity.

Loan sanctions by IREDA have grown from Rs 826 crore ($126 million) in 2007-08 to Rs 7,806 crore ($1.2 billion) in 2015-16 and is expected to cross Rs 10,000 crore ($1.5 billion) in the current financial year, 2016-17. Loan disbursements have also increased from Rs 553 crore ($81.5 million) in 2007-08 to Rs 4,257 crore ($651 million) and is expected to cross Rs 6,000 crore ($917 million) in 2016-17.

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