ReNew Raises $400M by Issuing Green Bonds

Article By : ReNew Energy Global Plc

The amount raised would be used by ReNew's subsidiaries to fund capital expenditure in renewable energy assets.

India Clean Energy Holdings, a Mauritian entity and a wholly owned subsidiary of India’s ReNew Energy Global Plc (the parent company of ReNew Power Private Ltd), has raised $400 million at 4.5% by issuing senior secured dollar notes. The dollar notes are certified green bonds by Climate Bond Initiative and will be listed on the Singapore Exchange (SGX). These Green Bonds have a tenor of 5.25 years. This is the first High Yield issuance out of the ASEAN and South Asian regions in 2022.

The amount raised would be used by ReNew’s subsidiaries to fund capital expenditure in renewable energy assets and refinance existing high-cost debt or for other purposes as permitted by law.

Speaking about the amount raised, Kailash Vaswani, President Corporate Finance, said, “In line with our rapid expansion plans to accelerate India’s energy transition, this issuance goes a long way in helping us meet our robust growth objectives and reduce our cost of capital. We will continue to seek fundraising opportunities to refinance our existing debt with lower-cost fixed rate green bonds.”

These notes were subscribed to by investors from the US and Asia at about 40% each and the balance by EMEA-based investors. The bulk of notes were subscribed to by long-only fund managers and pension funds. So far the Company, through its subsidiaries, has raised in excess of US$ 3.5 billion across eight such issuances, of which seven are outstanding.

 

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