Indian solar developer Avaada Energy is raising $192m worth of green bonds in India’s capital markets.
Avaada Group chairman Vineet Mittal said the issue attracted “overwhelming interest and participation” from various banks and financial institutions.
He added: “It is a proud moment for Avaada family and reflection of confidence shown by investors on Avaada’s impeccable execution track record and high performing assets.
“The response to bond issuance in the domestic market is extremely encouraging.
“It will help developers to raise capital domestically and avoid exposure of foreign exchange currency risk and achieve a reduction in fundraising costs.”
Avaada Energy is one of India’s largest renewable energy independent power producers (IPPs) with a multi-GW portfolio.
The issue is one of India’s largest AAA rated Green Bond by any renewable energy developer.
The bonds are certified by Climate Bonds Standard Board of the Climate Bonds Initiatives and are also compliant with the SEBI guidelines for Green Debt Securities.
The bonds will be listed on the Bombay Stock Exchange (BSE), having a tenure of three years.
The issuance earned the highest rating by CRISIL ratings.
Axis Bank and ICICI Bank are the arrangers of the issue.