Ireda $300 million 7.125% green masala bond issue

Overview:

• State-owned non-banking financial institution Indian Renewable Energy Development Agency (Ireda) has undertaken its inaugural green masala bond sisue.
• The $300 million 7.125% bonds are due in 2022.
• It is the first green masala bond issue listed on LSE's new International Securities market.
• It is also the fourth green bond issued by an Indian issuer on LSE. The first three are namely, Axis Bank's $500 million and NTPC's $300 million bond issues in 2016, and the Rural Electrification Corporation's (REC) $450 million bond issue in June 2017.
• The bonds will also be issued on SGX. 
• Ireda is committed to help achieve the Indian government's vision of 175GW renewable energy capacity by 2022. 
• Ireda was established in 1987 to promote, develop and extend financial assistance to renewable energy and energy efficiency projects in India. 
• The green bond is certified by Climate Bonds Initiative.
• Axis Bank, Barclays, HSBC, ICICI Bank, Standard Chartered Bank, and Yes Bank acted as bookrunners and lead managers. 

Wai Yee Tsang - Journalist