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
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?