Symbiotics Investments launches $7.5 million green bond issue in India

The proceeds will be fully used towards a four-year, senior secured, local currency loan to Namdev Finvest Private Limited. The bond forms part of the $75 million green basket bond programme structured by Symbiotics in partnership with British International Investment (BII), the UK’s development finance institution.

Prashant Bhardwaj, Regional Manager for South Asia, Symbiotics, said, “This Green Bond is a confirmation of Symbiotics Investments strategy to make sustainability, social and green bonds accessible for smaller issuances in emerging and frontier markets. The issuance of this bond is fully aligned to our mission to foster sustainable development in emerging and frontier economies, and we are excited to nurture and grow this segment of the green bond market even further.”

NFPL, being a financier focused on MSMEs, is an early adopter of green financing products in Rajasthan. The proceeds of this Green Bond will be used to finance their customers for renewable energy and energy efficiency projects. This is a top-up from their existing financing of ~$ 10 million to NFPL.

Jitendra Tanwar, Managing Director & CEO Namdev Finvest Pvt Ltd, stated: “We deeply value our partnership with Symbiotics Investments. This bond will help in our purpose of supporting underserved customers while furthering the agenda of climate efficient financing.”

Namdev Finvest Private Limited is a Rajasthan based NBFC setup by Jitendra Tanwar.