India’s renewable energy developers raise over Rs 26,300 cr in H1 2021: Report

India’s renewable energy (RE) developers have issued green bonds worth Rs 26,300 crore in the first half (H1) of 2021 alone, beating previous one-year records, according to a study released on Wednesday.

It added that India’s RE developers have raised more than Rs 78,200 crore since 2014 through green bonds issued in international markets, with Greenko and ReNew Power accounting for about 70 per cent of all issuances by value.

“Proceeds from the Rs 78,200 crore of capital raised have directly refinanced debt for over 10 GW worth of India’s RE projects,” said the study released by the CEEW Centre for Energy Finance (CEEW-CEF).

The report added that wind and solar accounted for 42 per cent each of this refinanced portfolio and represented a combined 8.4 GW capacity. Hydropower makes up the balance. This implies that 8.4 per cent per cent of India’s non-hydro RE capacity, totalling 100 GW, has been debt-financed with overseas capital.

“India’s non-hydro RE portfolio recently crossed the 100-GW mark, but we need to ramp up capital mobilisation to get to 450 GW by 2030