ReNew Power issues high-yield offshore bond worth Rs $400 mn
POWER & RENEWABLE ENERGY

ReNew Power issues high-yield offshore bond worth Rs $400 mn

According to Kedar Upadhye, group chief financial officer at ReNew Energy, Diamond II Ltd, a division of the company, has appointed Barclays, Deutsche Bank, HSBC, JP Morgan, Standard Chartered Bank, and BNP Paribas as joint worldwide coordinators. The company for alternative energy would now hold roadshows for the bond offering, which would be supported by its corporate guarantee.

The bonds are in compliance with the International Capital Market Association (ICMA) Green Bond Principles, a set of rules that guarantees the bonds are used for environmentally sustainable projects, and have been certified by the Climate Bond Initiative, a non-profit organisation promoting investment in climate change solutions.

An extra security offered by a guaranteed bond is that, in the case of issuer default brought on, for example, by insolvency, interest and principal payments will be made by a third party. Compared to non-guaranteed bonds, this arrangement enables the issuing business to charge lower interest rates. ReNew returned more than $1 billion to its offshore bonds in FY23. Prior to their March 2024 maturity, the Nasdaq-listed company refinanced $525 million in bonds in domestic markets throughout the previous fiscal year. It also repaid $300 million in internal cash accruals.

As of September 30, 2022, ReNew's renewable energy portfolio totaled 13.4 gigawatts (GW) on a gross basis. ReNew's intentions to expand its activities within the renewable energy industry align with the funding strategy. ReNew Power changed its name to ReNew in February to reflect its transformation from a pure-play renewables company to a comprehensive provider of decarbonization solutions for the clean energy, green hydrogen, energy storage, and carbon markets.

The Canadian pension fund became the main shareholder in ReNew last month when the Canada Pension Plan Investment Board (CPPIB) and Goldman Sachs reached an agreement to purchase the latter's shareholding for $268.6 million. The price per share for the transaction was $4.8. As part of its capital recycling strategy, ReNew also intended to sell a small portion of its commercial and industrial projects for roughly $300 million.

See also:
GIP in talks with Apollo Global to buy Adani bonds
Macrotech Developers redeems offshore bonds worth $170 mn


According to Kedar Upadhye, group chief financial officer at ReNew Energy, Diamond II Ltd, a division of the company, has appointed Barclays, Deutsche Bank, HSBC, JP Morgan, Standard Chartered Bank, and BNP Paribas as joint worldwide coordinators. The company for alternative energy would now hold roadshows for the bond offering, which would be supported by its corporate guarantee. The bonds are in compliance with the International Capital Market Association (ICMA) Green Bond Principles, a set of rules that guarantees the bonds are used for environmentally sustainable projects, and have been certified by the Climate Bond Initiative, a non-profit organisation promoting investment in climate change solutions. An extra security offered by a guaranteed bond is that, in the case of issuer default brought on, for example, by insolvency, interest and principal payments will be made by a third party. Compared to non-guaranteed bonds, this arrangement enables the issuing business to charge lower interest rates. ReNew returned more than $1 billion to its offshore bonds in FY23. Prior to their March 2024 maturity, the Nasdaq-listed company refinanced $525 million in bonds in domestic markets throughout the previous fiscal year. It also repaid $300 million in internal cash accruals. As of September 30, 2022, ReNew's renewable energy portfolio totaled 13.4 gigawatts (GW) on a gross basis. ReNew's intentions to expand its activities within the renewable energy industry align with the funding strategy. ReNew Power changed its name to ReNew in February to reflect its transformation from a pure-play renewables company to a comprehensive provider of decarbonization solutions for the clean energy, green hydrogen, energy storage, and carbon markets. The Canadian pension fund became the main shareholder in ReNew last month when the Canada Pension Plan Investment Board (CPPIB) and Goldman Sachs reached an agreement to purchase the latter's shareholding for $268.6 million. The price per share for the transaction was $4.8. As part of its capital recycling strategy, ReNew also intended to sell a small portion of its commercial and industrial projects for roughly $300 million. See also: GIP in talks with Apollo Global to buy Adani bondsMacrotech Developers redeems offshore bonds worth $170 mn

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?