Power News We love to talk!
Indian Renewable Energy Development Agency Limited (IREDA), India’s government-owned renewable energy entity has raised Rs1,950 crore through a five-year green rupee-denominated bond by listing on the Singapore Exchange.
“We look forward to continue supporting IREDA’s capital raising initiatives in the bond market, which has offered investors an opportunity to participate in the fast growing Indian renewable energy market,” Tng Kwee Lian, head of debt capital markets at Singapore Exchange (SGX), said, welcoming the inaugural green rupee-denominated or masala bond listing of the IREDA.
“We are pleased to welcome IREDA’s debut green masala bond, and are encouraged by the strong investor interest it received particularly within Asia,” said Tng. IREDA, a government company, raised Rs19.5 billion ($300 million) through a five-year green rupee-denominated bond, offering an annualised coupon of 7.125%, SGX said in a press release.
IREDA was established in 1987 as a non-banking financial institution and is a mini ratna (category 1) Government of India enterprise under the administrative control of the ministry of new and renewable energy (MNRE).
To date, it has financed more than 2,380 renewable energy projects in India. “IREDA is fully committed to helping achieve Indian government’s vision of 175GW renewable energy capacity by 2022,” said Kuljit Singh Popli, chairman and managing director at IREDA.
“The green masala bond is a significant milestone for IREDA in this regard, as we embark on the next phase of renewable and sustainable energy led expansion,” said Singh. “This is another step towards our honourable Prime Minister’s (Modi) commitment to the Paris agreement on climate change. The overwhelming response to the issue is a testament to the confidence of global investors in IREDA and the Indian renewable sector in general.”
With this new listing, 75% of listed masala bonds by Indian issuers are now listed on SGX. Today, more than 80% of listed offshore bonds by Indian issuers are listed on SGX, raising about $66 billion.
- India, DRC review bilateral ties Read more
- US oil cheaper than Dubai oil for India? Believe it or not, but that is true Read more
- Govt wont allow hike in power tariff in Delhi in 2016: Satyendar Jain Read more
- Only 1.37 per cent bioethanol in petrol against mandatory 5 per cent: Piyush Goyal Read more
- ReNew Power Ventures raises Rs 500 crore through green bonds Read more
- Improve power distribution infrastructure, fix accountability: Panel Read more
- Why rooftop solar market is not picking up? Read more
- Top firms should invest more in renewable energy R&D: Pachauri Read more
- Wind, solar energy to get big push under Narendra Modi-led NDA Read more
- Commissioning of waste to energy plant as per SC order Read more