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Nasdaq-listed ReNew Energy Global Plc has raised $400 million at 4.5 per cent by issuing senior secured dollar notes. The renewable energy company has raised the money through its Mauritius-based subsidiary India Clean Energy Holdings.
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.
These notes were subscribed to by investors from the US and Asia at about 40 per cent each and the balance by EMEA-based investors. The bulk of notes was subscribed to by long-only fund managers and pension funds. So far, through its subsidiaries, the company has raised over $3.5 billion across eight such issuances, of which seven are outstanding.
ReNew’s subsidiaries would use the amount raised to refinance existing high-cost debt and fund capital expenditure in renewable energy assets or for other purposes as permitted by law.
Speaking about the amount raised, President Corporate Finance, Kailash Vaswani, 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.”
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