Hero future Energy Pvt. Ltd., renewable energy venture of the Hero Group recently announced the issuance of India’s first certified climate bond for expansion of its wind portfolio, through its wind holding entity. The entity has secured a funding of INR 300 crore through issuance of rated and secured non-convertible debentures.

The climate bonds initiative which is an international, investor focused not for profit organization, issues this certification under robust network for monitoring, reporting and assurance of conformance with the relevant climate bonds initiative standards. The certificate for conformance with climate bonds standard has been issued following a third party assurance.There is a rising trend among investors to prefer instruments that promote low carbon investments and also increased focus on integrating environment, social and governance factors into their investment process.

The Managing director and the CEO of Hero Future energies collectively said that achieving Government of India’s initiative of renewable energy of 175GW by 2022 required innovative financing to attract global investors. The securities and exchange board of India (SEBI) has already approved norms for issuance and listing of green bonds.

The climate bonds initiative standards sets out clear criteria to verify certain green credentials of a bond. The standard is backed by the climate bonds standard board comprising of pre-eminent and independent investor entities, which collectively represents $34 trillion in assets under management.

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APRIL 12, 2016 (RK)

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