ReNew has declared the refinancing of non-convertible debentures (NCDs) valued at Rs 23,910 million, which were originally issued by its subsidiaries in October 2020. India Green Energy Holdings, a special purpose vehicle based in Mauritius, received these NCDs after securing US$ 325 million through senior secured bonds for the subscription. The USD bonds, issued at a 5.375 per cent coupon, were slated to reach maturity in April 2024.
The refinancing was accomplished through the utilisation of funds from a long-term amortising project loan acquired from a prominent non-banking financial company. As a result, India Green Energy has redeemed the USD bonds three months prior to their scheduled maturity. This refinancing, with an interest cost of under 9 per cent, will lead to a reduction of over 200 basis points in the overall borrowing cost of this debt pool. The initiative aims to extend the maturity period beyond 15 years through structured amortisations.
In December 2023, ReNew Energy Global Plc and Asian Development Bank signed MoU at COP28, to work together on projects focused on mitigating and adapting to climate change.
In November 2023, ReNew announced the commissioning of its first interstate transmission system project to facilitate the transmission of 1,500 MW of clean energy in the Koppal area of Karnataka.
