Avaada raises $192m solar war chest

• Group chairman said the green bond issue in India's capital markets drew in 'overwhelming interest'

Indian solar designer Avaada Energy is elevating $192m well worth of green bonds in India's capital markets.

Avaada Group chairman Vineet Mittal claimed the issue brought in "frustrating rate of interest and engagement" from numerous banks as well as financial institutions.

He added: "It is a proud minute for Avaada household as well as representation of self-confidence revealed by financiers on Avaada's impeccable execution track record and high executing possessions.

" The response to bond issuance in the residential market is incredibly encouraging.

" It will certainly aid developers to elevate capital domestically and also avoid direct exposure of forex currency threat as well as attain a decrease in fundraising costs."

Avaada Energy is among India's largest renewable energy independent power producers (IPPs) with a multi-GW portfolio.

The issue is among India's largest AAA rated Green Bond by any type of renewable resource developer.

The bonds are accredited by Climate Bonds Standard Board of the Climate Bonds Initiatives and are additionally certified with the SEBI guidelines for Green Debt Securities.

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

The issuance gained the highest rating by CRISIL scores.

Axis Bank and ICICI Bank are the arrangers of the issue.