IMC to issue Green Bonds in Indore to help raise funds for new solar power plant
The Municipal Corporation, which has kept Indore at the first place in the country for seven years in cleanliness, is going to make set to undertake another game changing innovation. IMC is now contemplating on issuing Green Bonds in Indore to raise funds for a mega solar power plant project mooted to reduce monthly power consumption. First of its kind, the said bonds will be available to the common public for investment at the cost of ₹10,000. Know all about the solar plant and it will reduce cost here.
Green bonds to help commission a 60 MW solar plant in Jalood
IMC is planning to set up a 60 MW solar power plant in Jalood at a cost of ₹286 crore generated from the green bonds issued. Currently, almost 500 MLD of water is transported to Indore from the Narmada Coast after covering a distance of 70 KMS. And the electricity used for this process is costly since the water quantity is high. IMC has to pay ₹10-15 crore per month towards electricity bill to deliver water to Indore, however, new power plant will expectedly reduce Indore’s monthly electricity expenditure by almost 4 crores.
The plant would work on a net metering system wherein produced energy would directly go to the grid and be adjusted in final billing. IMC has already floated tenders to install a solar plant at Jalood pumping station.
How can you be a part of this initiative
IMC will be the first urban body in the country to issue green bonds for any project and you can be apart of this initiative by simply buying a bond priced at ₹10,000. The IMC is expecting to raise upto ₹250 crore from the green bond venture.
Further, the Green Bonds will be soon listed on National Stock Exchange of India and Bombay Stock Exchange. As per officials, the corporation is expected to receive permission from the Securities Exchange Board by December.