20 April 2023
ReNew
GURUGRAM, India--(BUSINESS
WIRE)--Apr. 20, 2023-- ReNew Energy Global Plc (“ReNew” or “the
Company”) (Nasdaq: RNW, RNWWW), India’s leading clean energy company (in terms
of total commissioned capacity), said on Thursday that its wholly-owned
subsidiary, Diamond II Limited, has raised $400 million through
the issue of senior secured green bonds.
The green
bonds received strong demand from investors in
US, Europe and Asia as it opened the high-yield issuance
out of India after a broad market hiatus of more than a year. The
order book was oversubscribed about 4 times with a total investor demand
aggregating in excess of $1.5 billion, resulting in 35bps tightening of
pricing. The issuance underlines ReNew’s ability to raise capital as well as
assurance to our stakeholders about the company’s strong balance sheet and
liquidity position.
The Corporate
Style Notes carry a US Dollar coupon rate of 7.95 percent and have been rated
Ba3 by Moody’s and BB- by Fitch. Proceeds from the issue will be used to
refinance existing dollar debt and fund various growth initiatives. The notes
have been certified by the Climate Bond Initiative and are aligned with the
ICMA Green Bond Principles. The Notes also include a development impact assessment.
ReNew’s
President Corporate Finance, Kailash Vaswani, said: “Our green bond issue has opened
the India high-yield dollar bond market after more than a year.
Strong investor demand from global investors underscores the growing demand for
renewables and validates our position as an industry leader. Raising corporate
funds at an expected rate is consistent with our long-term plan and will enable
us to accelerate our renewable energy initiatives, reduce our cost of capital,
drive innovation and make a positive impact on the environment.”
During FY2023,
ReNew has repaid more than $1 billion to its offshore bondholders.
Over the past fiscal year, the company refinanced $525 million in the
domestic markets in addition to the repayment of $480 Million of debt
from internal cash flow generation.
In February,
the company made a strategic decision to rebrand itself as ReNew to reflect its
transition from being a pure-play renewables company to a decarbonization
partner providing end-to-end solutions across the decarbonization spectrum,
including clean energy, energy storage and carbon markets. ReNew has been
leveraging digital technologies and proprietary AI to address increasingly
complex requirements of customers and users of renewable energy where ReNew is
a market leader.
For more information, visit renew.com and follow us on LinkedIn, Facebook, Twitter and Instagram.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230420005696/en/
Press
Enquiries
ReNew | Shilpa Narani | shilpa.narani@renew.com
Investor Enquiries
ReNew | Nathan Judge, Nitin Vaid | ir@renew.com
Source: ReNew
Energy Global Pl
Urji Calculator