This study analyses green bonds issued by Indian RE developers in international markets since the first issuance in 2014 to the first half of 2021. Bonds issued for financing or refinancing RE assets typically carry third-party certification as ‘green’ bonds.

This study provides a comprehensive overview of India’s Renewable Energy Certificate (REC) mechanism and outlines key trends in its evolution since 2010. RECs are market instruments that allow power distribution companies (disoms) and others to meet renewable purchase obligations (RPO) without buying green power.