Indore's ambitious solar plant project funded by ₹720 cr through green bonds

IMC has successfully managed to raise about ₹720 crores through their green bonds which will be utilized for developing a 60-megawatt solar plant.

Published on:

16 Feb 2023, 6:59 am

1 min read

The Indore Municipal Corporation (IMC) has now achieved a significant milestone by utilizing sustainable financing methods to generate funds.

Through the sale of their much-awaited green bonds, which are the first of their kind municipal offering, the authority has successfully managed to raise a whopping amount of ₹720 crore

Green bonds oversubscribed by 5.90 times

Indore Municipal Corporation's (IMC) issues India's First #greenbond in Civic body category , of Rs. 244 crores. It will install a 60-megawatt captive solar power plant on 100 acres of land in Khargone to reduce its electricity expenses.

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— Manish Dabkara (@manishdabkara1) February 12, 2023

Reportedly, IMC issued these bonds for a total value of ₹244 crore, consisting a base size of ₹122 crore, with an additional option to retain oversubscription for up to ₹122 crore. However, the bonds have been oversubscribed by 5.90 times as of Tuesday i.e. February 14, which was the last date for application for the bonds.

Notably, the amount will be utilized for the construction of a 60-megawatt solar plant at Jalud Pumping Station near Indore. The power from the plant will further be utilized for supplying water to Indore city from the Narmada river at Jalud village neighbouring Khargone and will incidentally aid the corporation in reducing recurring expenditure.

IMC to roll out green bond offering from Feb 10; to pull funds for new solar plant

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