RMC plans to issue green bonds to raise ₹25 crore for three projects -OxBig News Network

The Rajamahendravaram Municipal Corporation (RMC) has in principle decided to issue green bonds to raise an estimated ₹25 crore fund for the proposed three projects, including two solar power projects to supply drinking water to the households and treated water to the industries, and a waste to wealth creation project. 

“We have prepared a proposal to raise ₹25 crore by selling green bonds with 8.50 to 9 percent of annual interest. The proposal has been approved by the District Collector P. Prasanthi. We are seeking the approval by the Andhra Pradesh State government and the Securities and Exchange Board (SEBI),“ said RMC Commissioner Ketan Garg.

“All the three proposed projects will be taken up under the public private partnership (PPP) model and the green bonds will be issued in January 2025, once the SEBI approves our model,” said Mr. Ketan Garg. In an official release, Mr. Ketan Garg claimed that the civic body’s credibility would attract subscribers to the green bonds.