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India to Issue 6 Billion Rupees of Green Bonds in September

According to reports, India’s clean energy funding body will issue green bonds worth 6 billion rupees ($90 million) for private placement on Sept. 10.

The Indian Renewable Energy Development Agency’s bonds will pay a coupon of about 7.3 percent and have a tenor of 10 years, Chairman and Managing Director K.S. Popli said in an interview on Wednesday. The coupon will be the 15-day average of the government securities rate.

The issue is part of the 20 billion-rupee green program that the funding agency is planning for the financial year ending on March 31.

There will be two more issues covering the remaining 14 billion rupees at the end of November and then again in December with the same tenor, he said. The coupon for those issues will be based on the 15-day average of government securities prevailing at that time.

The agency has been steadily expanding its loan book and has a target to approve almost $1 billion of loans by next March, according to Bloomberg New Energy Finance. It approved $720 million last financial year.

The South Asian nation, seeking to curb chronic blackouts and reduce reliance on coal-fired power plants, needs billions of dollars of investments to reach its goal of 175 gigawatt of clean-energy installations by 2022, more than four times current capacity.

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