As India gears up to meet its ambitious renewable energy targets of 175 GW of installed capacity by 2022, the country is exploring international mechanisms of funding and is evaluating new and innovative tools to finance the renewables sector. As a step in this direction, Indian public sector giants are likely to examine rupee denominated debt instruments like Masala Bonds to create and develop a new market and identify benchmark prices for these new instruments. The issuances which would be offered by blue chip government companies are expected to help evolve new vistas of funding for the renewable energy space.

Speaking on the same, Piyush Goyal, Union Minister of State (IC) for Power, Coal and New and Renewable Energy, Government of India said, "Companies including NTPC, Neyveli Lignite Corporation, Power Finance Corporation, Power Trading Corporation and Rural Electrification Corporation are likely to launch these Masala Bonds totalling $1 billion in the next three or four months in the UK to gauge the investor appetite."

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