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ReNew Energy Global Plc, one of India’s leading renewable energy companies, announced on Friday that India Clean Energy Holdings, a Mauritius-based entity and a wholly owned subsidiary of ReNew Power, raised $400 million at a 4.5 percent coupon rate in the international market by issuing senior secured dollar notes.
ReNew Power is India’s most active overseas bond issuer, having raised $3.5 billion in eight such transactions.
The dollar notes are Climate Bond Initiative-certified green bonds and will be offered on the Singapore Exchange (SGX). These green bonds have a 5.25-year maturity. This is the company’s first high yield issue in the Asean and South Asian markets in 2022.
High yield bonds are those having a credit rating below investment grade.
Around 40% of these notes were subscribed by investors from the United States and Asia, while the remainder were subscribed by investors situated in EMEA (Europe, Middle East, and Africa).
![ReNew Power](https://www.cleanfuture.co.in/wp-content/uploads/2022/01/collage-1024x1024.jpg)
The majority of notes were subscribed to by long-only investors and pension funds. The proceeds will be utilised to retire current high-cost debt and support capital expenditures in renewable energy assets by ReNew Power’s subsidiaries.
ReNew Power designs, constructs, owns, and runs utility-scale wind and solar energy facilities, as well as hydroelectric and distributed solar projects. As of 30 November, it has commissioned/committed 10.3GW of renewable energy projects in India.
This is a Syndicate News Feed; edited by Clean-Future Team