Modi Tops Obama Solar Pledge With First India Green Dollar Bond
SunEdison Energy India Pvt Ltd. solar panels sit on a farm in Rajasthan, India. Photo: SunEdison Energy India Pvt Ltd. via Bloomberg
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As Indian Prime Minister Narendra Modi was winning headlines garnering U.S. support for a $160 billion solar-power push, the bond market was putting together more concrete funding plans.
Export-Import Bank of India, which has lent to solar and wind programs, sold the country’s first green dollar bonds in a $500 million issue of 2.75 percent notes March 24. India’s issuance of overseas securities meeting environmental criteria overseen by the Zurich-based International Capital Market Association could surge to as much as $1.5 billion annually in the next two to five years, according to Commerzbank AG.