Indore Launches India's First Green Bond-Funded Solar Power Plant
Indore civic body's green bond-funded solar power plant inaugurated
News 18
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Madhya Pradesh Chief Minister Mohan Yadav inaugurated a 60-megawatt solar power plant in Indore, the first renewable energy project in India funded through green bonds. This initiative will significantly reduce electricity costs for the Indore Municipal Corporation and lower carbon emissions, benefiting both the environment and local finances.
- 01Indore's solar power plant is the first in India funded by green bonds.
- 02The project covers 211 acres in Khargone district and costs ₹271.16 crore (approximately $32.5 million USD).
- 03It is expected to save the Indore Municipal Corporation ₹5 crore (around $600,000 USD) monthly on electricity bills.
- 04The plant will prevent 1.46 lakh tons of carbon dioxide emissions annually.
- 05It will generate approximately 9.60 crore units of electricity each year.
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On April 29, 2023, Madhya Pradesh Chief Minister Mohan Yadav inaugurated a 60-megawatt solar power plant in Indore, marking a significant milestone as the first renewable energy project funded by green bonds in India. Spanning 211 acres in Khargone district, the project cost ₹271.16 crore (approximately $32.5 million USD) and was financed through public participation, raising ₹244 crore. The solar power plant is expected to lower the Indore Municipal Corporation's (IMC) monthly electricity bill by approximately ₹5 crore (around $600,000 USD) and prevent 1.46 lakh tons of carbon dioxide emissions annually. Additionally, the project will generate around 9.60 crore units of electricity each year, with a production cost of ₹3.50 per unit, compared to grid electricity costs ranging from ₹6 to ₹9 per unit. The CM emphasized that this initiative will inspire other urban bodies across the country.
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The solar power plant will significantly reduce electricity costs for the IMC, leading to potential savings that can be redirected to other civic services.
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