The state-owned Indian Renewable Energy Development Agency (IREDA) has become the first Indian financial institution to raise ‘green masala bonds’.
Read More Here
- Ireda has got $300-million for financing projects that are beneficial for the environment
- Ireda would now also finance transmission projects which include ‘green corridors’ for evacuation of renewable energy and storage solutions.
- The masala green bond issue on the London Stock Exchange got a subscription of 1.7 times. The coupon rate for the bond is 7.125%.
Introduction of Masala Bonds
The bonds listed on the London Stock Exchange (LSE) is termed as Masala Bonds. These bonds are offered and settled in US dollar to hike Indian Rupee in International market . These bonds helps to raise Indian rupees from International investors for infrastructural development in India.Read More Here
About IREDA
- Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE).
- It is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: “ENERGY FOR EVER”
Objectives
- To give financial support to specific projects and schemes for generating electricity and / or energy through new and renewable sources and conserving energy through energy efficiency.
- To strive to be competitive institution through customer satisfaction.
- To maintain its position as a leading organization to provide efficient and effective financing in renewable energy and energy efficiency / conservation projects.
- Improvement in the efficiency of services provided to customers through continual improvement of systems, processes and resources.
