September 30th, 2016 by Glenn Meyers
NTPC, the largest utility in India, has invited bids for the development of 250MW of solar capacity in the Pavagada Solar Park in Karnataka.
PVTech reports the utility will split this clean electricity capacity will be split into five blocks of 50MW projects. The tender is for the design, engineering, manufacturing, supply, packing and forwarding, transportation, unloading, storage, installation and commissioning of the plants.
In related news, the state-owned utility has also announced the listing of its INR20 billion (US$300 million) Green Masala bonds on the Singapore Stock Exchange, which will be used for the financing of renewable energy projects.
In a press statement, NPTC stated these bonds represented a new financing mechanism for the nation’s infrastructure.
“Singapore Stock Exchange unveiled The Global Masala Bonds Hub at the Exchange on 26th September 2016. The event was attended by the Indian High Commissioner to Singapore, H.E., Ms. Vijay Thakur Singh, along with other senior dignitaries and officials of SGX and participants from business and investors community. Mr. K. Biswal, Director(Finance), NTPC was the special speaker at the event where a presentation was made by him to a large audience highlighting NTPC’s Green Masala Bonds issue for financing renewable energy projects. With this issuance, NTPC has become the flag bearer for Rupee denominated Indian paper bringing in a new set of investors to meet the financing needs of the Indian Infrastructure sector.
“Director (Finance) thereafter participated in the “Striking the Gong Ceremony”, a traditional practice at SGX, to mark the listing of NTPC’s Green Masala Bonds. A souvenir was presented to Mr. Biswal by Mr. Muthukrishnan Ramaswami, President of SGX, in appreciation of NTPC’s continuous support to SGX.”
The Masala bonds are Indian rupee-denominated bonds. They will be issued in offshore capital markets. This financing mechanism is viewed as key to the expanding a renewable electricity infrastructure.
“Power is an integral part of our lives. Your company meets nearly a quarter of our country’s power needs. By enabling people to switch on their lights, we brighten their lives. By enabling people to produce goods and services, we enrich their lives,” said NTPC chairman Gurdeep Singh in a statement.
This week, India’s fifth largest private sector bank Yes Bank also announced plans to raise INR3.3 billion through the issue of seven-year Green Infrastructure bonds to the Dutch Development Bank FMO in order to fund solar and wind projects.
Images via Shutterstock and NTPC
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