ReNew Power Ventures Pvt. Ltd, one of India’s leading clean energy companies, has announced the closure of the issue of non-convertible debentures (NCDs) collectively worth ₹2,235 crore.
The issuance comes in two parts: the first, a credit-enhanced NCD worth ₹760 crore and the second, a multi-issuer cross-collateralised rupee bond valued at ₹1,475 crore and involving multiple power distribution companies.
ReNew Power continues to broaden base of its debt financing and the recently concluded NCD transactions have resulted in the reduction of interest cost by 1.5% and 2%.
The NCD worth ₹1,475 crore involves multiple power distribution firms from the States of Andhra Pradesh, Rajasthan and Gujarat and spread across eight special purpose vehicles and 12 projects totalling 234 MW of installed capacity, the company said in a statement.
It added that the proceeds from the bond issue would be used for the prepayment of existing term loans. Till date, the power company has raised a total equity of $900 million.
