Avaada Energy raises green bonds for Rs 1440 crore

Avaada Energy, a solar project developer, announced on Tuesday that it is raising Rs 1440 crore through green bonds in the Indian capital market at a rate of 6.75%, making it the country's largest such issue by a renewable energy developer. According to the statement, the bonds are certified by the Climate Bonds Standard Board of the Climate Bonds Initiatives and comply with the Securities and Exchange Board of India (SEBI) guidelines for Green Debt Securities. The bonds will be listed on the Bombay Stock Exchange (BSE) and will have a three-year maturity. CRISIL ratings gave the issuance the highest possible score. The issue was organised by Axis Bank and ICICI Bank. In the last few years, Environmental, Social, and Governance (ESG) financing has advanced significantly. In the domestic market, the response to bond issuance has been very positive. According to Vineet Mittal, Chair of the Avaada Group, it will assist developers in raising capital domestically while avoiding foreign exchange currency risk and lowering fundraising costs. PTT Group, Thailand's largest oil and gas company, has backed Avaada Energy. Image Source Also read: India Clean Energy Holdings raises $400 mn at 4.5% via green bonds