ADB raises $46 million for Indian PV, wind with green bonds

“Green bonds are an increasingly important source of financing for climate change projects,” said Pierre Van Peteghem, treasurer for the ADB. “It is a natural next step for ADB to issue green bonds in a local currency.

The Manila-based development lender will use the proceeds to provide financing for the ReNew Clean Energy Project, under which solar arrays and wind farms will be built throughout the South Asian nation. The ADB will finance the installations in cooperation with the JICA LEAP Fund, a joint infrastructure investment fund set up last year in cooperation with the Japan International Cooperation Agency (JICA). Indian power producer ReNew Power Ventures — which is backed by Goldman Sachs and the Abu Dhabi Investment Authority (ADIA) — will develop the projects in the Indian states of Andhra Pradesh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh and Telangana.

The rupee-linked green bonds — which carry a 6.00% interest rate and a 3.75-year maturity, due in February 2021 — are denominated in rupees but settled in US dollars. JP Morgan and TD Securities underwrote the issuance as joint lead managers. About 70% were placed in Europe, followed by 21% in the Americas and 9% in Asia, according to an online statement. Roughly half were placed with banks, and half with fund managers.

To the original article - PV Magazine

  • Home
  • Solar News
  • ADB raises $46 million for Indian PV, wind with green bonds

            : :     

Login or Register with you social account