Avaada Energy raises Rs 1,440 cr through green bonds

Solar project developer Avaada Energy said on Tuesday that it is raising green bonds for Rs 1440 crore in the Indian capital market at 6.75% making it India’s largest such issue by any renewable energy developer.

The bonds are certified by Climate Bonds Standard Board of the Climate Bonds Initiatives and are also compliant with the SEBI guidelines for Green Debt Securities, the statement said.

The bonds, with a tenure of three years, will be listed on the Bombay Stock Exchange (BSE).


The issuance received the highest rating by CRISIL ratings. Axis Bank and ICICI Bank are the arrangers of the issue.

“ESG financing has witnessed major strides in the last few years. The response to bond issuance in the domestic market is extremely encouraging. It will help developers to raise capital domestically and avoid exposure of foreign exchange currency risk and achieve a reduction in fundraising costs,” Vineet Mittal - Chair, Avaada Group said.

Avaada Energy is backed by oil & gas major PTT Group- Thailand.