According to Indian Prime Minister Narendra Modi's investment target, there are plans to boost India's RE capacity to 175 GW by 2022 from the current 37 GW. As stated by Citigroup Inc., India's largest arranger of offshore note transactions, initiation of a $200 billion spending push by India to boost renewable energy will also help in increasing significantly the issuance of green bonds. The issuance of more than $1 billion worth of green bonds last November had been a welcome first step, and is a positive sign of India inching closer to its RE investment targets. With India investing highly in Renewable Energy, it was the right time for it to start accessing bonds in the green format, said Neville Fernandes, head of debt capital markets origination at Citigroup’s local unit in Mumbai.
'NTPC Ltd., India's largest power producer, has appointed bankers for its first ever green bond issue, and Axis Bank Ltd. is seeking shareholder approval to raise and additional $5.2 billion. State-run Energy Efficiency Services Ltd. is looking to issue green bonds overseas and expects to raise nearly $100 billion in its first offshore bond sale. Mumbai-based Yes Bank Ltd. is aiming to sell $330 million pounds of green bonds by December 2016.'
Back in February 2015, Yes Bank had become the country's first ever green bond issuer, raising 10 billion rupees in a local currency transaction and had sold an additional 3.15 billion rupees of securities in August through a private deal, according to data compiled by Bloomberg.
The session titled 'Finance Roundtable', scheduled on the second day of the conference, will see discussions on the topic of Green Bonds in India, along with other current financial and investment challenges in the RE market. The session will be moderated by Bloomberg New Energy Finance.