The Indore Municipal Corporation (IMC) is planning to build a 60-megawatt solar plant which will be constructed around the city. The establishment of this plant will be yet another green initiative from the Indore administration towards environmental sustainability.
In this regard, IMC has been planning to issue municipal bonds for retail investors for the first time in India. The offering is not only expected to aid in the accumulation of funds for the solar plant project but will also benefit the individual investors.
Plans for the finalization of the offering underway
Indore Smart City CEO, Divyank Singh is working along with state authorities and other stakeholders for the finalization of this offering. The green bond scheme has been innovated as an alternative to bank loans and government grants which are usually used for infrastructural needs and other city developments.
After receiving a nod from the authorities, Indore’s municipal bond scheme will become the first-of-its-kind offering in India for individual investors.
