ReNew Power raises $352 million funds for its expansion plans

January 19, 2018

ReNew Power has raised an amount of $352 million to fund its expansion plans and loan repayment. The funds have been raised though non-convertible debentures (NCDs) issued in two parts. Around $232 million was raised through a multi-issuer cross-collateralised rupee bond across eight special purpose vehicles and 12 projects aggregating 234 MW of installed capacity (174 MW of wind and 60 MW of solar). L&T Financial Services was the underwriter for this issue. The remaining $120 million was raised through a credit enhanced NCD, which has a tenor of 17 years. India Infrastructure Finance Company Limited and IREDA extended a partial credit guarantee for this issue.