Indore receives Rs 7.2 bn green bonds to develop largest solar plant

16 Feb 2023 CW Team

Green bonds are debt securities that are issued by a governmental or private organisation to finance or refinance environmental projects. The first green municipal bond in India was issued by Ghaziabad Nagar Nigam (GNN), a civic organisation in Uttar Pradesh, for the construction of a tertiary water treatment facility. According to IMC Commissioner, Pratibha Pal, “The solar power project will be funded, but more importantly, this will pave the way for other such (green) projects and explore creative financing strategies to support them.”

When Indore became the first city to sell municipal bonds on the National Stock Exchange's (NSE) debt securities platform in 2018, the civic body hoped expecting a 10 to 15 times oversubscription of its bonds as opposed to the 1.26 times oversubscription that was observed. When there is more demand for new stock than there are shares actually available, the situation is referred to as oversubscription.

The green bond received bids of Rs 6.62 billion on the first day, and it was 5.42 times oversubscribed. “There are several reasons for such an overwhelming response, including the urban local bodies for the first time in India issuing green bonds and the type of project we are opting for. Now, a solar power plant is going to help the corporation reduce its recurring expenditure. But most important is the timing. The opening for the issue was just after the budget, and in it, municipal bonds were given huge importance,” said Pratibha Pal.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

The first green bonds issued by the Indore Municipal Corporation (IMC) have raised approximately Rs 7.2 billion. The bonds have been oversubscribed by 5.90 times. The municipal organisation intended to collect roughly Rs 2.44 billion through the issuance of these bonds for the construction and operation of a 60 megawatt solar power plant at the villages of Samraj and Ashukhedi in the Khargone district of Madhya Pradesh. It is anticipated to be the biggest solar facility for Narmada water pumping and providing. Green bonds are debt securities that are issued by a governmental or private organisation to finance or refinance environmental projects. The first green municipal bond in India was issued by Ghaziabad Nagar Nigam (GNN), a civic organisation in Uttar Pradesh, for the construction of a tertiary water treatment facility. According to IMC Commissioner, Pratibha Pal, “The solar power project will be funded, but more importantly, this will pave the way for other such (green) projects and explore creative financing strategies to support them.” When Indore became the first city to sell municipal bonds on the National Stock Exchange's (NSE) debt securities platform in 2018, the civic body hoped expecting a 10 to 15 times oversubscription of its bonds as opposed to the 1.26 times oversubscription that was observed. When there is more demand for new stock than there are shares actually available, the situation is referred to as oversubscription. The green bond received bids of Rs 6.62 billion on the first day, and it was 5.42 times oversubscribed. “There are several reasons for such an overwhelming response, including the urban local bodies for the first time in India issuing green bonds and the type of project we are opting for. Now, a solar power plant is going to help the corporation reduce its recurring expenditure. But most important is the timing. The opening for the issue was just after the budget, and in it, municipal bonds were given huge importance,” said Pratibha Pal.

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Infrastructure Transport

05 Sep 2025

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Infrastructure Transport

05 Sep 2025

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..