SBI secures $250 million through Green Bonds for sustainable initiatives
- ByStartupStory | January 5, 2024
State Bank of India (SBI) announced the successful raising of USD 250 million through the issuance of Green Notes aimed at funding sustainable projects. The bank confirmed the conclusion of this issuance, forming part of its USD 10 billion medium-term note programme. SBI conducted this private placement through its London branch, issuing Green Notes that mature on December 29, 2028, and were listed on the India International Exchange.
According to SBI’s statement, the Green Notes were issued at a floating rate of 1.20% above the Secured Overnight Financing Rate (SOFR). The bank emphasized its dedication to sustainable development, highlighting that the proceeds from this issuance would be directed to eligible green projects, aligning with its ESG Financing Framework.
SBI’s Chairman, Dinesh Khara, expressed, “The successful placement is testimony to SBI’s commitment towards its sustainability objectives in creating a positive impact on the environment.” He further emphasized the long-standing priority of the bank towards green banking and sustainability initiatives.
Khara elaborated on SBI’s commitment, stating, “Towards this end, SBI has enunciated its ESG framework earlier this year… Issuance of green bonds is one of the steps towards building up a green portfolio.” The issuance of these green bonds represents a strategic move in aligning the bank’s financial activities with environmentally responsible investments.
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