State-owned firm the Indian Renewable Energy Development Agency (IREDA) is to issue INR17.2 billion (US$257 million) in tax-free bonds from today for the financing of renewable energy projects in the financial year 2015/16.

The bonds will have a face value of INR1,000 each.

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The issue opens on today 8 January and closes on January 22 and there is an option for early closure.

The Asian Development Bank (ADB) recently announced it will provide IREDA with a US$200 million loan as part of IREDA's plan to add 990MW of renewable energy capacity in India.

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