It has already raised three billion Indian Rupees (£35.7m) from issuing the bonds, which will be channelled into the ReNew Clean Energy Project, a wind and solar power project across six Indian states.
The bonds were distributed among Asia (9%), Europe (70%) and the Americas (21%). By investor type, 48% of the bonds were placed with banks and 52% with fund managers.
The bonds were underwritten by JP Morgan and TD Securities and carry a 6% interest rate with a 3.75-year maturity, due in February 2021.
ADB Treasurer Pierre Van Peteghem said: “Today’s fundraising represents ADB’s maiden Indian Rupee green bond and shows the institution’s long term commitment to financial market development in India.
“In today’s markets, green bonds are an increasingly important source of financing for climate change projects and given ADB’s strong engagement in the capital markets of developing Asia, it is a natural next step for ADB to issue green bonds in local currency.”
The country is ADB’s fourth largest shareholder and its largest borrower. In 2016, ADB approved $2.26 billion (£1.74bn) in sovereign loans and $795 million (£612.7m) worth of private sector projects in India.