Officials said that the Indore Municipal Corporation (IMC), plans to list green bonds in a public issue to raise Rs 250 crore to fund the establishment of a 60 megawatt (MW) solar power station.
According to Divyank Singh, chief executive officer, Indore Smart City Development Limited, the power generated by the solar plant will be used for water extraction from Narmada in Jalud village, neighbouring Khargone, and supply Indore with it, reports PTI.
He said that the Madhya Pradesh government had acknowledged the IMC’s green-bond policy and that efforts were underway to obtain clearance from the Securities and Exchange Board of India (SEBI).
“Prime Minister Narendra Modi, will be visiting Indore for Pravasi Bharatiya Divas on January 9. Singh stated that we will do our best to have him present during the listing green bonds.
People from all parts of India can also invest in eight-year duration bonds to earn attractive returns.
Indore has been voted the cleanest city in India six times consecutively. It has a population over 35 lakh. The city is heavily dependent on the Narmada river for water.
Officials claim that the IMC must pay a large bill of Rs 25 Crore per month to bring water from Jalud village to Indore, which is 80km away. The solar power plant will reduce this expense.
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