ReNew Power raises $585 mn through dollar green bonds
POWER & RENEWABLE ENERGY

ReNew Power raises $585 mn through dollar green bonds

Indian renewable energy firm ReNew Power has raised $585 million through its latest dollar bond offering.

The proceeds will be used by ReNew to refinance its debt of around 803 MW of operating wind and solar assets. The bonds have a tenor of 7.25 years and a fixed interest rate of 4.5% per annum. In principle approval has been obtained to list and trade the bonds on the India International Exchange (IFSC) Ltd (India INX).

Earlier, ReNew had raised around $325 million through overseas green bonds. The company offered its overseas green bonds at a 5.37% rate, with a maturity period of three and a half years. ReNew intends to utilise the proceeds to expand its capacity and to refinance high-cost local debt. It is expected to use around $225 million to repay its local debt.

In early 2020, it raised $450 million through a dollar bond issuance. The bonds were offered at a coupon rate of 5.87% with an average maturity of five and a half years. The company intended to utilise the proceeds worth nearly $65 million to meet its future capital expenditure requirements.

As we have reported earlier, in February this year, ReNew had signed an agreement for a business combination with RMG Acquisition Corporation II, a special purpose acquisition company (SPAC), resulting in the company becoming public.

Image Source


Also read: ReNew Power listed in WEF’s Global Lighthouse Network

Also read: ReNew Power eyes merger with SPACs for US listing

Indian renewable energy firm ReNew Power has raised $585 million through its latest dollar bond offering. The proceeds will be used by ReNew to refinance its debt of around 803 MW of operating wind and solar assets. The bonds have a tenor of 7.25 years and a fixed interest rate of 4.5% per annum. In principle approval has been obtained to list and trade the bonds on the India International Exchange (IFSC) Ltd (India INX). Earlier, ReNew had raised around $325 million through overseas green bonds. The company offered its overseas green bonds at a 5.37% rate, with a maturity period of three and a half years. ReNew intends to utilise the proceeds to expand its capacity and to refinance high-cost local debt. It is expected to use around $225 million to repay its local debt. In early 2020, it raised $450 million through a dollar bond issuance. The bonds were offered at a coupon rate of 5.87% with an average maturity of five and a half years. The company intended to utilise the proceeds worth nearly $65 million to meet its future capital expenditure requirements. As we have reported earlier, in February this year, ReNew had signed an agreement for a business combination with RMG Acquisition Corporation II, a special purpose acquisition company (SPAC), resulting in the company becoming public. Image Source Also read: ReNew Power listed in WEF’s Global Lighthouse Network Also read: ReNew Power eyes merger with SPACs for US listing

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code