Financing India’s energy transition through international bond markets

This study analyses green bonds issued by Indian RE developers in international markets since the first issuance in 2014 to the first half of 2021. Bonds issued for financing or refinancing RE assets typically carry third-party certification as ‘green’ bonds. With funds availability with domestic lenders proving a bottleneck for RE projects, developers must fully utilise all available routes to accelerate fundraising and project deployment. Green bonds can play a vital role in this process. The study analyses key characteristics of the bonds, such as pricing, geographic allocation, and maturity periods. Further, it does a deep dive into the portfolio refinanced by green bonds and explores the technologies, offtakers, and project profiles for this portfolio.