GCC to raise Rs 2.06 billion through green bonds

The Greater Chennai Corporation (GCC) is planning to raise Rs 2.06 billion through green municipal bonds. The proceeds of these funds will be utilised for financing the biomining project at the Kodungaiyur dumpyard. The total cost of the project is Rs 6.41 billion, of which GCC’s share stands at Rs 3.86 billion. Of this, Rs 2.06 billion will be funded through green bonds, and the remaining Rs 1.8 billion will be received as external funding from KfW. The GCC’s bond committee is yet to submit the proposal to the state government for approval.