The National Thermal Power Corporation (NTPC) has raised Rs. 20 billion (~$305.47 million) through the issuance of Green Masala Bonds in the overseas market.

These bonds were issued under NTPC’s $4 billion medium term note program, according to a government release. The proceeds of these bonds will be used for financing renewable energy projects in accordance with applicable guidelines and regulations of the Reserve Bank of India, stated Mr. Piyush Goyal, Minister for Power, in the Lok Sabha.

These bonds were issued on October 10, 2016 at a coupon rate of 7.375 percent per annum, and will be payable annually. The bond maturity date is October 10, 2021.

This past October, Mercom reported, the listing of Green Masala Bonds worth Rs.20 billion (~$305 million) by the NTPC, which also listed bonds worth Rs.20 billion (~$305 million) on the London Stock Exchange in August of 2016.

The NTPC is targeting 32 GW of installed renewable energy capacity by 2032 and it is the first-seller of rupee-denominated overseas bonds.

According to Mercom’s India Solar Project Tracker, the NTPC has a portfolio of 565 MW of commissioned solar projects, with an additional 305 MW to be commissioned by the end of March 2017.