Tata Cleantech Capital (TCCL), a joint venture between Tata Capital and the International Finance Corporation (IFC), said on Wednesday it has raised Rs 180 crore through its maiden five-year green bond from Netherlands-based development bank FMO.

The proceeds of the bond will be used to finance eligible green projects, the company said in a release.

“The green bond market plays a key role in funding projects that contribute to environmental sustainability. Our maiden green bond issue will finance eligible green projects in the renewable energy space,” TCCL’s managing director Manish Chourasia said.

The company has a strong renewable energy portfolio and thus the funds raised through green bonds can be appropriately utilised to confirm with the green bond principles, it said.

FMO is the Dutch development bank and has been supporting sustainable private sector growth in developing countries and emerging markets.

With a committed portfolio of USD 10.5 billion spanning over 92 countries, FMO is one of the larger bilateral private sector developments banks globally.

Source Economic Times