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

21 Apr 2023 CW Team

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.

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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

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