The Private Infrastructure Development Group (PIDG), following a series of trailblazing transactions in India in recent months, marked a strategic deepening of its engagement in the market by hosting an Expert Industry Forum in partnership with National Stock Exchange (NSE) India and NSE IX at the Trident BKC, Mumbai.
The event brought together leading domestic institutional investors, as well as respected voices from industry and the policymaking ecosystem.
Following the successful completion of three credit enhanced bond transactions in India this year, PIDG’s guarantee solution, GuarantCo, is doubling down on its market engagement to increase institutional investor confidence in credit enhancement structures. The goal being to broaden market participation and accelerate capital mobilisation from domestic debt institutional investors for India’s sustainability transition.
Capital mobilised in India in 2025
GuarantCo expects to have mobilised over INR 2900 crore (c. USD 330 million) in private institutional capital through three landmark transactions closed in 2025, expanding access to sustainable finance and deepening the country’s capital markets.
The credit guarantees supported Vivriti Capital’s INR 2900 crore (USD 23.4 million) listed bond issuance, KPI Green Energy’s INR 670 crore (USD 80 million) green listed bond and Muthoot Capital’s INR 150 crore (USD 17 million) green listed bond. The credit enhancement enabled all three issuances to achieve AA+(CE) ratings, attract new classes of institutional investors and channel capital towards sustainability focused issuers. GuarantCo also worked with India’s leading credit rating agencies to establish a rating methodology for credit enhancement that will prove beneficial for the domestic capital market.
Collectively, these transactions are unlocking access to India’s domestic capital markets, while contributing to multiple UN Sustainable Development Goals (SDGs), including Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8) and Climate Action (SDG 13).
The vision is to deepen India’s debt capital markets and unlock private investment for sustainable infrastructure development covering sectors such as renewable energy, e-mobility, water, agriculture and affordable housing.
Nishant Kumar, Managing Director, Asia Investments at GuarantCo, and Head of Coverage – Asia at PIDG said: “We are working towards further strengthening our thematic bond transaction pipeline in 2026 and beyond, with a focus on mobilising private capital and reducing risk through credit enhancement, aligned with blended finance principles. We help create structures that are innovative, yet simple and can be replicated to develop the domestic capital market.
“Our approach of combining guarantee solutions with market education is intended to contribute to the country’s goal to achieve broader sustainability and climate finance goals. In sync with the PIDG Strategy 2030, GuarantCo is catalysing transformative impact by bridging capital gaps and driving market innovation in the infrastructure finance space in India. Our goal is to strengthen India’s financial ecosystem to support sustainable, long-term infrastructure growth, fulfilling sustainability priorities, which also ties well with the Viksit Bharat 2047 vision.”
PIDG’s wider role and global impact
PIDG promotes socio-economic development within a just transition to net zero to combat poverty and contribute to the SDGs through its investments across all stages of infrastructure project lifecycles.
Across lower income and emerging economies in Asia and Africa, PIDG-backed projects have provided over 232 million people with access to new or improved infrastructure and supported the creation of more than 258,000 long-term jobs. In 2024, 64 per cent of the Group’s total investment commitments were classified as climate finance, while 72 per cent contributed to gender equality outcomes.
The projects reflect PIDG’s approach of leveraging blended finance to crowd in greater sums of private capital for critical infrastructure. By deploying public funds to absorb early-stage risk, PIDG makes it viable for institutional and domestic investors to invest at scale.
Looking ahead, PIDG’s 2030 Strategy aims to galvanise USD 25 billion in additional finance to support sustainable development, with a strong focus on scaling its presence in Asia. EMDEs currently account for around 75 per cent of global emissions and encompass many of the world’s most climate-vulnerable regions, including Asia. Without strategies and coordinated efforts to mitigate risks like climate-related events, the stability of returns and asset values globally pose a significant threat to institutional investors’ portfolios.
