Construction Infrastructure
Vector Green Energy to raise around $169 mn through green bonds
Vector Green Energy, a renewable energy-focused independent power producer (IPP) funded by Global Infrastructure Partners (GIP), will issue the first AAA-rated green bond in the local market.
The subsidiaries intend to raise $169 million and have received Climate Bond Standard certification for their bonds. The issue earned the highest rating by CRISIL and India Ratings. The term of the bond will be three years. ICICI Bank and Axis Bank are the underwriters of the contract.
Most foreign funds are focused on environmental, social and corporate governance (ESG) lending, and organizations engage themselves in sustainable projects. This has happened in part because India does not have proper green standards. If a bond or fund is certified ‘green’, it reduces the price by about half a percentage point.
The most comprehensive green loan to date came from Adani Green, which raised $1.3 billion in March. The Adani Group is looking to raise $12 billion in green funds over the next four-five years, with most of the $2-3 billion being allocated annually from overseas markets.
News Source: ConstructionWorld
Construction Infrastructure
The Adani Enterprises unit has received a letter of approval for an NH project in Maharashtra
Adani Road Transport Ltd (ARTL), a wholly owned subsidiary of Adani Enterprises, has received LoA for a project involving six laning of Kagal-Satara section of NH-48 (old NH4) in Maharashtra. The project will be executed under the Bharatmala Pariyojana at ₹2,008.47 crores. The construction period for the 67-km long road project is expected to be 2 years from the date of appointment and the concession period will be 18 years.
With this project award, Adani’s road portfolio will have total 14 projects with more than 5,000 lane km with asset value exceeding ₹41,000 crore spread across India.
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