Indore Municipal Corporation will issue green bond public issue

Bhopal. Indore, the business city of Madhya Pradesh has made its mark among the cleanest cities of the country, in this city now a 60 MW solar project at Jalud Pumping Station for better use of solar energy. is being imposed. Green Bond Public Issue is being issued by the Municipal Corporation for this project. Regarding the green bond public issue to be issued by the Municipal Corporation, Indore Mayor Pushyamitra Bhargava met Chief Minister Shivraj Singh Chauhan at the residence office and informed about the initiative of IMC.

Bhargava told that this bond issued by any urban body will be the first green bond in the country. Chief Minister Shivraj Singh Chouhan was informed that at present about Rs 25 crore per month is spent on electricity, drinking water pumping and supply by the Indore Municipal Corporation. To reduce this, Indore Municipal Corporation is setting up a 60 MW solar project at Jalud Pumping Station at a cost of about Rs 305 crore.

These bonds will be issued at the rate of about 8.25 percent. This is a green project, the cost of which will be met by issuing green bonds. It is proposed to be done through public issue. Bhargava informed that the proposed bonds have been assigned AA plus by India Rating and AA rating by Care Rating, which is considered best in the category. An interest subsidy of Rs 20 crore will be received from the Union Ministry of Housing and Urban Affairs, which is approximately 1.5 per cent. The proposed solar project is also registered in the Carbon Mechanism, due to which the corporation will also earn an additional income of about Rs 84 lakh annually. 

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