Yes Bank to raise US$50 million through green bond issuance with FMO

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Yes Bank will use funds for green infrastructure projects, particularly in the renewable energy space. Flickr: Gopal Vijayarhagavan

India’s fifth largest private sector bank Yes Bank plans to raise INR3.3 billion (US$49.6 million) through the issue of seven-year Green Infrastructure Bonds to the Dutch Development Bank FMO in order to fund solar and wind projects.

FMO will be investing in Yes Bank’s bonds through FMO’s own sustainable bonds; its first investment in a Green Bond issued by a bank in India. Yes Bank will use funds for green infrastructure projects, particularly in the renewable energy space.

This is Yes Bank's third green bond issuance in the last 18 months. It had already raised INR3.15 billion (US$49.4 million) from the issue of Green Infrastructure Bonds to International Finance Corporation (IFC) Washington in August 2015. Its maiden issue in February 2015 also raised INR10 billion (US$160 million).

Rana Kapoor, managing director and chief executive of Yes Bank, said: “This transaction further cements our bank’s status as a pioneer and market leader in green energy financing in India. Yes Bank has been assiduously working to evolve even more innovative and effective financing structures for the acceleration of sustainable energy financing in India.”

India’s Green Bond market has seen an exponential growth, touching US$2 billion after Yes Bank’s first issue in February 2015.

Rajnesh Trivedi, senior director, sustainable investment banking at Yes Bank, has explained how Green Bonds can alleviate the major obstacles of financing for renewables in the subcontinent in a previous interview with PV Tech.

Read Next

January 13, 2022
Reliance Industries has signed a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$80 billion) over 10-15 years to establish 100GW of renewables and set up green technology manufacturing facilities in the state.
January 10, 2022
Indian renewables company ReNew Energy Global Plc’s wholly owned subsidiary India Clean Energy Holdings has raised US$400 million through a green bond sale that will be used to support the company’s growth strategy and “refinance existing high-cost debt”.
January 10, 2022
Indian conglomerate Adani Group has set up a new subsidiary focused on areas including manufacturing solar equipment and producing green hydrogen.
January 7, 2022
India’s state-owned National Hydroelectric Power Corporation (NHPC) has signed an agreement with the Green Energy Development Corporation of Odisha Ltd (GEDCOL) for the development of 500MW of floating solar projects in the eastern state of Odisha.
January 6, 2022
Renewables developer Hero Future Energies (HFE) has formed a partnership with electrolyser manufacturer Ohmium International to develop and build 1GW of green hydrogen plants across India, the UK and Europe.
PV Tech Premium
January 5, 2022
After ramping up cell and module production capacity last year, Indian solar manufacturer and EPC firm Tata Power Solar is eyeing further expansions as it bids to take advantage of efforts from India’s government to bolster domestic PV manufacturing.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal