Avaada Energy raises Rs 1,440 cr

Climate change and the rising level of Global Warming are some of the most dangerous challenges our planet is facing today. Many Institutes and Organisations along with the government of different countries are coming together to frame policies and launch initiatives to tackle them. One of the major contributors to the rising carbon emissions levels is pollutants released from coal-powered energy plants. The alternative to this is to promote the production and usage of green energy. Many private companies have also jumped into the green energy sector lately that will promote the consumption of green energy. Recently, One such solar project developer company, Avaada Energy, has raised Rs. 1,440 cr through green bonds. Vineet Mittal - Chair, Avaada Group said: “ESG financing has witnessed major strides in the last few years. The response to bond issuance in the domestic market is extremely encouraging. It will help developers to raise capital domestically and avoid exposure of foreign exchange currency risk and achieve a reduction in fundraising costs.” Climate Bond Standard Board has certified these Bonds and these are in compliance with the SEBI guidelines. The duration of these bonds will be of three years and they will be listed on the Bombay Stock Exchange (BSE).