The Indore Municipal Corporation (IMC) launched a first-of-its-kind initiative in India by raising Rs 661.52 crore on the first day of a public offering of green bonds to fund the construction of a Rs 244 crore solar power plant.

According to an official, the green bond’s 5.42 times oversubscribed against its Rs 122 crore base price.

Tuesday marks the end of the public problem.

Chief Minister of Madhya Pradesh Shivraj Singh Chouhan tweeted, “Congratulations once more to Indore! Indore, which has won India’s cleanest city honor six years running, has received a resoundingly positive response from both investors and ordinary people in response to its green bonds.”

A 60 MW solar power plant will be built by the local government of the nation’s cleanest city.

According to the official, IMC is the first urban organization in the nation to issue green bonds to the general public in order to fund a solar power plant.

According to him, water would be transported to Indore from the Narmada River in Jalud village, which is located in the nearby Khargone district and is around 80 kilometers distant, using the electricity generated by the plant.

In order to transport Narmada water to Indore by operating motor pumps at Jalud, the local authority has been spending Rs 300 crore annually.

According to the source, IMC would save a significant sum every month by bringing Narmada water from Jalud to Indore until the projected solar power facility there pays for itself.

The solar power plant building bid has already been launched. It will take two years to build it once it is granted, he noted.