Indore plans India's first retail municipal green bond for solar plant

Indore plans to issue the country's first local government bond aimed at individual investors, with the proceeds used to fund a solar energy project. Indore Municipal Corp. is seeking to raise as much as Rs 2.60 billion ($31.8 million) next month through a 10-year bond sale, according to Divyank Singh, CEO of Indore Smart City, which is working with various stakeholders to finalize the offer.

Located in the central state of Madhya Pradesh, Indore's offering will also be the country's first municipal green bond designed for retail investors. The issuer has mandated AK Capital Services and SBI Capital Markets as lead managers of the offering, Singh said.

The 60 MW solar power plant will be built near Indore at a cost of Rs 3 billion, Singh said, adding that it will help the city save an electricity bill of as much as Rs 250 million per month.

The green debt sale comes as the World Bank estimates Asia's third-largest economy will need to invest $840 billion in urban infrastructure over the next 15 years to meet the demands of a rapidly growing urban population.

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