Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

 

IREDA

 

Indian Renewable Energy Development Agency (IREDA) is a state owned company, which was established in 1987 and is currently under the Ministry of New and Renewable Energy.

 

Mr. Kuljit Singh Popli, Chairman and Managing Director of Indian Renewable Energy Development Agency (IREDA), said:
“Indian Renewable Energy Development Agency (IREDA) is fully committed to helping achieve Indian Government’s vision of 175 GW renewable energy capacity by 2022. The Green Masala Bond is a significant milestone for IREDA in this regard, as we embark on the next phase of renewable and sustainable energy led expansion. This is another step towards our Honourable Prime Minister’s commitment to the Paris agreement on Climate Change. The overwhelming response to the issue is a testament to the confidence of global investors in IREDA and the Indian renewable sector in general.”

The bonds issued in 2017 share the same pre issuance verification report. It was split into a INR 7 billion (USD 107m) domestic issuance in March 2017, and a INR 19.5 bn (USD 300m) masala issuance in September 2017.

Secured bonds to be used for financing a number of renewable projects across India (mostly solar) with a total capacity of 831 MW.

 

DATE OF ISSUE  TYPE OF INSTRUMENT SIZE  TENOR  COUNTRY OF ISSUE CLIMATE BONDS SECTOR CRITERIA VERIFIER'S REPORT ANNUAL REPORT FURTHER INFORMATION
March 2017

Use of proceeds bond

domestic issuance

INR 7bn (USD 107m) 5 years India  Wind, Solar

 

EVI pre issuance report

EVI post issuance report for 7bn INR bond

 

Annual Report September 2019

Annual Report 2020

 

IREDA Annual Reports webpage

September 2017

Use of proceeds bond

masala issuance

INR 19.5bn (USD 300m) 10 years India  Wind, Solar

EVI pre issuance report

EVI post issuance report for 19.5bn INR bond

Annual Report September 2019

Annual Report 2020

IREDA Annual Reports webpage
January 2019 Use of proceeds bond INR 2.75 billion (USD 39m) 10 years India  Wind, Solar post issuance report by KPMG (post only)    
January 2019 Use of proceeds bond INR 5.9 billion (USD 83.8m) 10 years India  Wind, Solar post issuance report by KPMG (post only)