ReNew Power Issues Green Bonds worth $375 million

ReNew Power has announced that it has completed a green bond issue of $375 million, which would be used for capital expenditure on green projects and refinancing outward commercial borrowings. The five-year non-call two notes were presented at a return of 6.67 per cent per annum, a company announcement said.

The capital raised through the green bond issue will be used for refinancing outstanding external commercial borrowings and as capex in eligible green projects.

The dollar-denominated bonds usual excellent response and were fully pledged by prominent fund managers, asset managers, banks and pension and life funds from across the US, Europe and Asia, the company said.

Barclays (B&D), Goldman Sachs, HSBC, JPMorgan and YES Bank were the book sprinters for the green bond issue. The issue was untied for subscription on March 5 and closed on the same day.

"Our history of financial prudence, investing in high-quality assets and creating value for all our stakeholders has enabled us to regularly raise funds to fuel our rapid growth. We are happy that our bond offering received such an enthusiastic response, especially when the renewables sector is facing challenges in raising capital," ReNew Power Chairman and Managing Director Sumant Sinha said in the announcement.

"The renewables market in India is firmly established and is growing rapidly. ReNew Power is India's largest IPP with more than 7,000 MW of commissioned and under-construction wind and solar projects," he believed.