In a First, Indore Civic Body to List Green Bonds to Raise Rs 250 Cr for Solar Plant
In first, the Indore Municipal Corporation (IMC) plans to list green bonds as a public issue to raise Rs 250 crores for setting up a 60 megawatt (MW) solar power plant. The power generated at the solar plant will be use to pull water from the Narmada river in Jalud village of neighboring Khargone district to supply it to Indore Divyank Singh, the Chief Executive Officer of Indore Smart City Development Ltd. The Madhya Pradesh Government had given a nod to the IMC’s Green Bond Policy and efforts were initiated to get the Securities and Exchange Board of India’s (SEBI) clearance for the project. Indore which has bagged the tag of the cleanest city six consecutive times has a population of 35 lakhs and is largely dependent on the Narmada River for its water needs. According to the officials, the IMC has to foot a heavy bill of Rs 25 crore every month to bring water to Indore from Jalud Village which is 80km and the solar power plant will help cut the expenditure.
Tags : Indore Municipal Corporation green bonds solar power plant Divyank Singh Chief Executive Officer Indore Smart City Development Ltd Madhya Pradesh Government Securities and Exchange Board of India