The Indore Municipal Corporation (IMC), in a unique initiative in India, has raised Rs 661.52 Crore on the first day for a public issue green bonds. This was to raise capital for the establishment of a solar power plant worth Rs 244 crore, reports PTI.
An official stated that the green bond was sold out 5.42 times more than the base price at Rs 122 crore. The public issue will end on Tuesday.
Madhya Pradesh Chief Minister Shivraj Singh Chouhan posted, “Congratulations to Indore again!” Commoners and investors have responded in overwhelming numbers to Indore’s green bonds, which won India’s cleanest urban award six times consecutively and has been ranked number one. The 60 MW solar plant will be installed by the civic body of India’s cleanest municipality.
Officials stated that IMC was the first city body to offer green bonds for the public offering of the solar power plant.
He said that the power from the plant will be used to pull water from Narmada, a nearby village, in Khargone district. It is about 80km away. The plant will also supply it with water to Indore.
Each year, the civic body spent Rs 300 crore to bring Narmada water in Indore. It also runs motor pumps at Jalud.
Official said that IMC will save huge amounts every month if the cost of the Jalud solar power plant is recovered.
Already, the tender has been launched for construction of the solar power station. He said that the construction of the solar power plant will take approximately two years once it is awarded.