ReNew Power Raises $400 Million In International Market

In Clean Fund, Clean News, News, Renewable Energy
ReNew Power

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

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

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