A large private bank in India sought to issue a green bond to finance renewable energy projects including solar, wind, hydro and biomass-based power. It was the first green bond to be issued in India and this provided an opportunity for the client to make a mark in the green bond market and set itself apart from its competitors.
Drawing on international green bond expertise and experience, KPMG in India provided third-party independent assurance as per the requirements of the Green Bond Principles (established by the International Capital Market Association or ICMA). Through KPMG's support, the client was able to ensure its green bond processes, controls and procedures were robust and credible.
The bond was heavily oversubscribed by investors including major banks and financial institutions. KPMG provided assurance on the client's annual reporting for the bond, in line with the requirements of the International Standard on Assurance Engagements 3000 (ISAE 3000), and continues to do so.
Tomas Otterström, KPMG in Finland and KPMG in Sweden.