MP: Indore civic body to launch green bond IPO on Feb 10 to raise funds for solar plant – EQ Mag
Indore : In a first-of-its-kind initiative in India, the Indore Municipal Corporation (IMC) in Madhya Pradesh will launch green bonds in the form of public issue on February 10 to raise capital for setting up a solar power plant, an official said on Friday.
The civic body of the country’s cleanest city aims to raise Rs 245 crore through the bonds to set up a 60 MW capacity solar plant, the official said.
“The IMC is the first urban body in the country to introduce green bonds as a public offering for a solar power plant,” city mayor Pushyamitra Bhargava told PTI. ” At least Rs 245 crore raised through green bonds will be used to set up a solar power plant, and the power generated from it will be used to pull water from Narmada river in Jalud village in neighbouring Khargone district, situated about 80 km away, and supply it to Indore, he said.