India’s Power Finance Corporation (PFC), has listed its international bond on the London Stock Exchange. This is done with a view to finance renewable energy projects in the UK.
It is a 10 year dated green bond and has raised USD 400 million, paying a 3.75% semi annual coupon. It is listed on London Stock Exchange’s new International Securities Market (ISM) this week.
As per Rajeev Sharma, PFC chairman, “The funds raised will help promote renewable energy projects across the country and aid in achieving the government’s target of 175GW of installed renewable energy capacity by 2022.”
Further he added that, this issuance of bond will allow PFC to access a new offshore investor base and also diversify its funding sources.
