India’s Yes Bank raises INR 10bn from green bonds issue
Yes Bank (BOM:532648) said on Wednesday it has raised about INR 10 billion (USD 162m/EUR 142.9m) from India’s first green infrastructure bonds issue, which is double the targeted amount.
Earlier in February, the lender launched an issuance of green infrastructure bonds with a tenor of ten years to raise funds for solar, wind, biomass and small hydroelectric projects at home. As previously announced, the bank has committed to finance 5 GW of renewable energy projects in India.
On Wednesday, Yes Bank said that the bond offering enjoyed strong demand from insurance companies, pension and provident funds, foreign portfolio investors and mutual funds. As a result, the featured green shoe option was exercised and the lender managed to raise twice the INR-5-billion it targeted initially.
India has set a goal to install 175 GW of additional renewable energy capacity by 2022.