January 7 (Renewables Now) - Tata Cleantech Capital Ltd, a joint venture between India’s Tata Capital and the International FInance Corp (IFC), has obtained some INR 1.8 billion (USD 25.9m/EUR 22.7m) in its debut green bond offering to support projects in the renewable energy field.
The funds from the five-year securities were raised from FMO, the Netherlands Development Finance Company, Tata Cleantech said last week. Proceeds from the sale will go for eligible green energy projects, renewables in particular, that contribute to the environmental sustainability.
Tata Cleantech operates on the clean technology market by extending financing and providing advisory services for renewable energy, energy efficiency and water management projects. It says on its website it has participated in the funding of over 5.2 GW of renewables schemes.
Last May, the IFC agreed to provide Tata Cleantech with up to USD 40 million (EUR 35m) in senior debt by subscribing to a senior debt instrument, structured as a green bond, that was issued by the Indian firm.
(INR 10 = USD 0.1439/EUR 0.126)
(USD 1.0 = EUR 0.876)