National Thermal Power Corporation (NTPC) has listed green masala bonds worth Rs.20 billion (~$300 million) on the Singapore Stock Exchange. With this listing, NTPC expects to tap into investors with a focus on environment and climate change to fund its goal of installing about 2,500 MW of renewable projects every year.
An NTPC source told Mercom that with the listing, NTPC has become the first-seller of rupee-denominated overseas bonds. The NTPC official also added that this is a big step towards fulfilling NTPC’s capex requirement of about Rs.300 billion (~$4.49 billion).
The company will use the proceeds to fund clean energy projects in accordance with RBI guidelines and regulations. Elaborating on the development the NTPC official added, “the funds raised will be released for renewable projects on a first come first serve basis, there is no prior project pipeline that will be funded through the money raised by the sale of masala bonds.” The NTPC official also added that this is the second stock exchange listing for Green Masala Bonds by NTPC this year. In August NTPC had listed green masala bonds worth Rs.20 billion (~$300 million) on the London Stock Exchange.