{"id":21172,"date":"2015-02-19T12:06:49","date_gmt":"2015-02-19T12:06:49","guid":{"rendered":"http:\/\/www.rtcc.org\/?p=21172"},"modified":"2015-02-19T12:12:06","modified_gmt":"2015-02-19T12:12:06","slug":"yes-bank-issues-indias-first-green-bond","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2015\/02\/19\/yes-bank-issues-indias-first-green-bond\/","title":{"rendered":"Yes Bank issues India’s first green bond"},"content":{"rendered":"

India’s fourth biggest private bank is aiming to raise up to US$250 million for renewable energy projects<\/strong><\/span><\/p>\n

\"India

India aims to install 100GW of solar power by 2022 (Pic: VM2827\/Flickr)<\/p><\/div>\n

By Megan Darby<\/a><\/strong><\/p>\n

Yes Bank is issuing India\u2019s first green bond as part of a programme to finance 5 gigawatts (GW) worth of renewable energy projects by 2019.<\/strong><\/p>\n

India\u2019s fourth largest private bank hopes to raise at least 500 crore rupees (US$80 million) for solar, wind, biomass and small hydro power projects. Depending on demand, that could rise to US$250 million.<\/p>\n

Rana Kapoor, chief executive of Yes Bank, said the launch \u201ccements our status as a pioneer in green energy financing in India\u201d.<\/p>\n

Renewable energy would create jobs, cut poverty and sustain socioeconomic development, he added.<\/p>\n

The bond represents a tiny fraction of the US$100 billion the Indian government estimates<\/a> is needed for renewables over the next five years.<\/p>\n

But it is a step towards unlocking private finance for India\u2019s renewable energy boom, which experts say will be critical to meet ambitious targets.<\/p>\n

Report:<\/strong>\u00a0India\u2019s solar targets \u2018ambitious but achievable\u2019 \u2013 UN climate envoy<\/a>
\n<\/a><\/p>\n

Narendra Modi has pledged to bring electricity to some 400 million citizens without by 2019, when his term as prime minister ends.<\/p>\n

In line with that goal, the government is aiming to have 100GW of solar power installed by 2022 and 60GW of wind power.<\/p>\n

The country has\u00a0249GW of installed electric capacity<\/a>, mostly sourced from coal power plants.<\/p>\n

Gireesh Shrimali, fellow at the Climate Policy Initiative, said<\/a> the cost of finance is \u201cthe single biggest challenge\u201d to scaling up renewables.<\/p>\n

Unfavourable debt terms add 24-32% to the cost of renewable energy projects in India compared to the US, according to Shrimali\u2019s analysis.<\/p>\n

The Yes Bank bond pays out 8.85% interest a year to investors. The European Investment Bank is paying out just 2.5% on a US$1 billion \u201cclimate awareness\u201d bond issued last October.<\/p>\n

Report:<\/strong>\u00a0Obama and Modi promise to back strong UN climate pact<\/a><\/p>\n

The Council on Energy, Environment and Water (CEEW) is urging<\/a> the government to adopt ambitious renewable energy targets in its contribution to a global climate deal.<\/p>\n

Countries are set to reveal emissions cutting targets in the coming months, which will form the basis of a climate agreement in Paris this December.<\/p>\n

India could generate 1,000 TWh from renewables by 2030, the think-tank estimated, more than the output from all sources in 2013\/14.<\/p>\n

But with a price tag of US$715 billion, this could make energy unaffordable to \u201ca large section\u201d of the population, CEEW warned.<\/p>\n

Technology partnerships and financial mechanisms are \u201cimperative\u201d to bring the costs down, the report found.<\/p>\n","protected":false},"excerpt":{"rendered":"NEWS: India’s fourth biggest private bank is aiming to raise up to US$250 million for renewable energy projects","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3863,3650,96],"tags":[11,250],"coauthors":[],"class_list":["post-21172","post","type-post","status-publish","format-standard","hentry","category-finance","category-green-bonds","category-india","tag-featured","tag-solar"],"acf":[],"yoast_head":"\nYes Bank issues India's first green bond<\/title>\n<meta name=\"description\" content=\"NEWS: India's fourth biggest private bank is aiming to raise up to US$250 million for renewable energy projects\" \/>\n<meta name=\"robots\" content=\"index, follow, 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