The six subsidiaries of Vector Green Energy — a renewable energy-focused independent power producer backed by Global Infrastructure Partners (GIP) — will be issuing the first AAA-rated green bonds in the local market.
The subsidiaries plan to raise Rs 1,237 crore, and received Climate Bonds Standard certification for their bonds. The issuance has been given the highest rating by CRISIL and India Ratings. The tenure of the bonds will be three years. Axis Bank and ICICI Bank are the underwriters of the deal.
The six subsidiaries of Vector that are issuing bonds are Malwa Solar Power Generation, Sepset Constructions, Rattanindia Solar, Yarrow Infrastructure, Citra Real Estate, and Priapus Infrastructure. They operate 352 MWp (megawatt peak) of solar power projects across the country in Rajasthan, Maharashtra, Karnataka, Uttar Pradesh and Madhya Pradesh.
