Indian Renewable Energy Development Agency Limited (IREDA) has raised Rs 9.1 billion through the issuance of privately placed subordinated tier-II bonds.
The bonds have a 10-year tenure and carry an annual coupon rate of 7.74 per cent. The capital raised aims to enhance IREDA’s Tier-II capital, thereby increasing its net worth and capital to risk-weighted assets ratio. The funds will support the Government of India’s target of achieving 500 GW of non-fossil fuel-based energy capacity by 2030.