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What are Green Bonds
These bonds are structured like ordinary bonds but will invest in only those companies and projects that help in reducing carbon footprint
Why green bonds are important for India: India has embarked on an ambitious target of building 175 gigawatt of renewable energy capacity by 2022, from just over 30 gigawatt now. This requires a massive $200 billion in funding. This isn’t easy. Higher interest rates and unattractive terms under which debt is available in India raise the cost of renewable energy by 24-32 per cent compared to the U.S. and Europe. India has big goals in terms of renewable energy installations, but a big hurdle has been financing and the cost of financing.
IDBI Bank has become the first commercial state-owned bank to raise $350 million via selling green bonds, which are used for clean energy projects. Bonds were priced at 4.26% (fixed rate) after adding a mark-up or spread of 255 basis points on five-year US Treasury now at 71%. But, the bank has converted those securities into floating rate, and they are offering 3.22%. Bond will be of five-year maturity. This is a part of the bank’s medium-term-note programme, set at $5 billion over next few years.
By: Parveen bansal ProfileResourcesReport error
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