Indore Municipality plans solar power plant of 60MW

An Indian city with a strong environmental record is planning to issue the nation’s first local government bond targeting individual investors, with proceeds used to fund a solar power project.

Indore Municipal Corp. seeks to raise as much as 2.6 billion rupees ($31.8 million) via a 10-year bond sale next month, according to Divyank Singh, chief executive officer of Indore Smart City, who is working with various stakeholders to finalise the offering.

The offering from Indore, which is in the central state of Madhya Pradesh, is also set to be the country’s maiden municipal green bond designed for retail investors.

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