Indore plans India’s first retail municipal green bond for solar plant

Indore is planning to issue the nation’s first local government bond targeting individual investors, with proceeds used to fund a solar power project. Indore Municipal Corp. seeks to raise as much as Rs 260 crore ($31.8 million) via a 10-year bond sale next month, according to Divyank Singh, chief executive officer of Indore Smart City, who is working with various stakeholders to finalize the offering.

The offering from Indore, which is in the central state of Madhya Pradesh, is also set to be the country’s maiden municipal green bond designed for retail investors.

The issuer has mandated A K Capital Services Ltd. and SBI Capital Markets Ltd. as lead managers of the offering, Singh said.