MUMBAI: Tata Cleantech Capital (TCCL), a joint venture between Tata Capital and International Finance Corporation (IFC), Wednesday said it has raised Rs 180 crore through its maiden five-year green bond from Netherlands-based development bank, FMO.
The proceeds of bond will be used to finance eligible green projects, company said in a release.
"The green bond market plays a key role in funding projects that contribute to environmental sustainability.
Our maiden green bond issue will finance eligible green projects in renewable energy space," TCCL's managing director Manish Chourasia said.
The company has a strong renewable energy portfolio and thus funds raised through green bonds can be appropriately utilised to confirm with green bond principles, it said.
FMO is Dutch development bank and has been supporting sustainable private sector growth in developing countries and emerging markets.
With a committed portfolio of USD 10.5 billion spanning over 92 countries, FMO is one of larger bilateral private sector developments banks globally.