After the central bank introduced limits on selling rupee-denominated bonds overseas, also known as masala bonds, plus the limits imposed by the securities regulator on foreign buyers of corporate bonds, two of India’s biggest renewable energy companies, Greenko Group PLC and ReNew Power Ventures Pvt Ltd, turned to domestic market to sell a combined $750 million worth of rupee-denominated bonds.
Greenko – backed by sovereign wealth funds GIC Pte Ltd of Singapore and Abu Dhabi Investment Co PJSC – and Goldman Sachs-backed ReNew together operate over 2 GW of renewable power generation capacity.
Greenko is selling bonds onshore for the first time, and plans to use funds raised to refinance a 1.8 GW solar project. It plans to sell Rs 30 billion ($467 million) worth of onshore rupee-denominated bonds.
ReNew plans to raise Rs 18 billion and aims to refinance two of its wind projects.