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Reiterating its commitment to promote environment sustainability and development of green highways, National Highways Authority of India’s fully owned Special Purpose Vehicle (SPV) ‘DME Development (DMEDL) will issue green bonds to raise funds for the implementation of environment friendly measures on Delhi-Mumbai Expressway project. To be held under closed bidding system, the aggregate total size of the issue will be up to Rs10 billion with a base issue size of Rs 5 billion. There will be a green-shoe option to retain oversubscription up to Rs 5 billion. The first of its kind green bond issue in Roads and Highways sector is expected to be launched in the second week of December 2024 and will be completed with strict compliance to Government of India’s sovereign green bonds framework, international protocols and SEBI guidelines. The proceeds from the issue of ‘Green Bonds� will be used for activities such as expenditure on avenue plantation, median plantation, construction of animal underpasses, natural stormwater drainage, streetlight on renewable energy (solar), waste recycling & reuse and rainwater harvesting. Commenting on this initiative NHAI Chairman, Santosh Kumar Yadav said “This initiative is a part of our vision to create greener National Highways and reiterates NHAI’s commitment towards environmental sustainability. The green bonds will help to encourage investment in eco-friendly projects especially in Roads & Highways sector and will facilitate long-term cost savings by reducing energy consumption and lowering the impact of vehicular emission on the environment.� The issue will help in enhancing DMEDL financial performance in terms of the overall cost of borrowings and will diversify investor base by attracting ‘Environmental, Social, and Governance� focused investors. DMEDL has appointed Care Edge analytics as the Third-Party Reviewer (TPR) who have identified and certified the Green Activities of DMEDL. Incorporated in August 2020, ‘DME Development� is a wholly owned Special Purpose Vehicle (SPV) of NHAI for financing, construction, and operation of the Delhi-Mumbai Greenfield Expressway and has received AAA rating from CRISIL, CARE and India Rating. DMEDL aims to raise about Rs 480 billion from banks & financial market through loans & bonds and has successfully raised around Rs 420 billion till now for the implementation of Delhi � Mumbai Expressway project.