ReNew Energy Global refinances its dollar-denominated bonds

ReNew Energy Global reported that it has effectively refinanced its dollar-denominated bonds maturing in 2024 while amortising project loan from an Indian nonbank banking institution. The company issued bonds worth US $525 million in 2019 having a maturity date in 2024. The bond’s INR interest cost has been reduced by 200 basis points, with the interest rate set for three years and the maturity date pushed out to the end of the fiscal year 2027. 

ReNew develops, constructs, owns, and runs utility-scale wind, solar, and hydro projects. The company has a total portfolio of 12.8 GW of renewable energy projects in India. In January 2022, ReNew’s wholly owned subsidiary, India Clean Energy Holdings raised $400 million by issuing senior secured dollar notes at a rate of 4.5 percent. The dollar notes have been recognised as green bonds by the Climate Bonds Initiative. Also, the bonds were listed on the Singapore Exchange. 

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