Energy research firm Bridge to India noted that with the combined issuance of $4 billion, India has put itself among the top ten green bond markets in the world. The feat was supported by Greenko and Azure Power together raising $1.5 billion in two weeks. Azure Power said last Friday that it would issue an inaugural $5 million green bond offering, maturing in 2022.
The other companies that have raised global funding through green bonds are ReNew Power, NTPC, Rural Electrification Corporation (REC), IDBI Bank, Axis Bank, Yes Bank and L&T Infrastructure Finance. In order to achieve the target of 175 GW of renewable energy by 2022, the country needs to add over 1,16,700 MW of renewable generation capacity, hence warranting a subsequent increase in the scale of renewable capacity addition.
According to Bloomberg New Energy Finance (BNEF), China and India alone are a $4-trillion opportunity for the energy sector. India would account for 11% of total regional investment over 2017-40, with wind and solar both accounting for around a third of total investment, BNEF added.