ReNew Power Concludes US$ 375 Million Green Bond Issue

/ -- ReNew Power Limited, India's largest renewable energy Independent Power Producer (IPP), today announced it has successfully concluded a green bond issue of US$ 375 million. The five-year non-call two notes were offered at a yield of 6.67% per annum. The bond offer has been rated as BB by Fitch Ratings.

(Logo: https://mma.prnewswire.com/media/653741/ReNew_Power_New_Logo.jpg )
Speaking about the offer, Sumant Sinha, Chairman and Managing Director, ReNew Power Limited, said, "The renewables market in India is firmly established and is growing rapidly. ReNew Power is India's largest IPP with more than 7000 MW of commissioned and under construction wind and solar projects. 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."
Commenting on the issue, Kailash Vaswani, Deputy CFO, ReNew Power Limited, said, "The Bond issue was in line with our strategy of diversifying debt sources. The issuance enabled us to fix our interest rate risk and achieve a lower pricing than existing borrowing costs. The international bond investors have seen us deliver on committed performance and hence have come forward to invest in our new issuance."
About ReNew Power