ReNew Power raises $325 million through sale of overseas green bonds

ReNew Power has raised nearly $325 million through the sale of overseas green bonds. The independent power producer set the overseas bonds at a coupon rate of 5.375 per cent along with a maturity period of three and a half years. The proceeds from the sale are to be used by the company to expand its operations and refinance its high-cost local debt of $225 million. The company also received an order book of around $1.8 billion in October 2020. The bankers involved in the acquisition of these funds are HSBC, JP Morgan and Barclays. The company raised the money through an SPV based out of Mauritius due to a cap on bond pricing set by the Reserve Bank of India.