ReNew Power’s US$ 585-million green bonds list on India INX

The renewable energy producer plans to utilize the capital raised to repay outstanding debt. The bonds, with a maturity period of 7.25 years, carry a 4.5% per annum rate.

As of December 31, 2020, ReNew Power had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects.

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Bombay Stock Exchange-owned India International Exchange (INX) today said it had listed US$ 585 million in green bonds by India’s leading renewable energy producer ReNew Power. The bonds, issued by Renew Power’s ten subsidiaries, were listed exclusively on INX’ Global Securities Market (GSM) at the International Financial Services Centre (IFSC) of the Gujarat International Finance Tech City (GIFT City).

The bonds have a maturity period of 7.25 years, and are assigned expected ratings of BB- (with a positive outlook) by Fitch Ratings and Ba3 rating by Moody’s investor services. These are priced competitively at 4.50% per annum.

Renew Power plans to utilize the proceeds to, among others, repay outstanding debt.

GSM, the primary market platform of India INX, has evoked significant interest since its establishment in 2018 and has more than US$ 50 billion medium-term notes established and over US$ 26 billion of bond listings to date.

Sumant Sinha, Founder, Chairman and CEO of Renew Power, said, “The success of our bond issue demonstrates continued global investor interest in the ESG space. Investors are keen to invest in environment friendly companies and projects that contribute towards a greener planet and enable India to meet its decarbonization goals. ReNew has raised nearly $1.37 billion dollars through bonds issued in the last six months.

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