ReNew Energy subsidiary raises $400m in green bonds

A high-yield issuance outside of India was opened after more than a year of hiatus.

ReNew Energy’s wholly-owned subsidiary Diamond II Limited raised $400m through senior secured green bonds, receiving strong demand from in US, Europe and Asia.

In a statement, ReNew said the order book was oversubscribed about four times as total investor demand exceeded $1.5b, which led to a 35 basis point tightening of pricing.

The high-yield issuance out of India was opened after over a year of hiatus.

READ MORE: ReNew cuts loss to $49m in Q3 FY

“Strong investor demand from global investors underscores the growing demand for renewables and validates our position as an industry leader,” said ReNew’s President of Corporate Finance Kailash Vaswani. 

“Raising corporate funds at an expected rate is consistent with our long-term plan and will enable us to accelerate our renewable energy initiatives, reduce our cost of capital, drive innovation and make a positive impact on the environment,” Vaswani added.