State-owned firm the Indian Renewable Energy Development Agency (IREDA) is considering raising funds through the issue of non-convertible bonds, according to a filing on the Bombay Stock Exchange.
IREDA noted that in its latest board meeting it would “consider a proposal for raising funds through issue of non-convertible bonds in the nature of debenture.”
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Earlier this month, it was widely reported that IREDA was looking to raise INR15-20 billion (US$224-298 million) through taxable bonds this year to finance renewable energy projects. Last financial year the Agency managed to raise INR20 billion.
In January, IREDA also said it would issue INR17.2 billion (US$257 million) in tax-free bonds for financing renewable energy projects in 2015/16. The bonds would have a face value of INR1,000 each.
PV Tech recently interviewed Bob Smith, executive vice president and head of asset management at Mytrah Energy, to discuss how to raise finance for the Indian solar market. Investors have poured INR860 billion into India’s renewable energy projects during the last three years.
If you are looking to invest in or develop solar projects in India, join Solar Media on the 7th of June in London at Solar Finance & Investment: India, a conference designed to bring together European and North American investors and developers looking into the Indian market, as well companies with consolidated presence that are exploring new partnerships.
