Historic masala bond raises millions for solar power


Nearly 30 masala bonds have been launched at the London Stock Exchange but the one issued on Friday (September 9) by NTPC Ltd, an Indian government undertaking, has special significance because it is the country’s “first green masala bond”. NTPC stands for National Thermal Power Corporation but since the organisation is now responsible for solar and wind energy as well, only the initials are used as its formal name. The issue was oversubscribed and the equivalent of $300 million (£227m) raised in Indian rupees, all of which will go into the development of solar power. “India is serious about renewable…

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