The Asian Development Bank recently sold green masala bonds worth Rs 3 billion ($46 million) in an attempt to fund more than 700 megawatts of solar and wind energy capacity in India. After the commitment to fund the ReNew Power Ventures for its 709-megawatt solar and wind energy capacity, ADB has raised $46.19 million to fulfill its commitment. JICA LEAP Fund, has also pledged a $390 million funding for ReNew’s projects. The bonds were offered at a rate of 6% with maturity of 3.75 years and interestingly over 70% of the bond subscribers were from Europe, whereas 21% from Americas and only 9% were from Asia. With the company’s presence in the states of Andhra Pradesh, Gujarat, Jharkhand, Madhya Pradesh, Karnataka and Telangana, the company claims to be the first in Indian market to have reached an installed capacity of over 1 GW.
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