India's ReNew Power raises $375m with green bond issue

The proceeds will primarily be used to refinance its outstanding external commercial debt.

India's ReNew Power has concluded a green bond issue of $375m which was offered at a yield of 6.67% per annum, an announcement revealed.

The capital raised through the five-year non-call two notes will be used for refinancing the IPP’s outstanding external commercial borrowings and as capex in eligible green projects.

“The bond issue was in line with our strategy of diversifying debt sources. The issuance enabled us to fix our interest rate risk and achieve a lower pricing than existing borrowing costs,” ReNew Power’s deputy CFO Kailash Vaswani said in a statement.

Also read: ReNew Power targets buying 5 renewable power companies

The USD denominated bonds were fully subscribed by leading fund managers/asset managers, banks and pension/life funds from across the US, Europe and Asia. The issue was opened for subscription on 5 March 2019 and closed on the same day.

Barclays (B&D), Goldman Sachs, HSBC, J.P. Morgan and YES Bank were the bookrunners for the green bond issue.

Also Read

REDC to develop 320 MW seawater pumped storage hydropower project

AboitizPower launches 49 MW hybrid BESS project

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit