IREDA to raise $300 million

The government’s principal clean energy financing arm, the Indian Renewable Energy Development Agency (IREDA) seeks to raise at least $150 million through Masala bonds. This issuance will have a Green shoe Option to retain over-subscription up to $150 million. In the request for proposal document, IREDA has invited bids for the appointment of Lead Managers for the proposed issue under Euro medium-term note (EMTN) Programme of $300 million for a tenor up to 5 years. The proceeds from the fund raise will be used for lending to renewable energy projects in accordance with IREDA’s Green Bond Framework, approved by the Climate Bonds Initiative, UK.