ReNew Energy Global Plc has raised $400 million capital by selling green bonds through its wholly owned subsidiary India Clean Energy Holdings to primarily refinance its existing high-cost debt and fund capital expenditure of renewable energy assets.
A host of international stakeholders have evinced interest in the company as investors from the US and Asia subscribed about 40% each with balance taken up by investors from the EMEA region.
ReNew shares that it is long-only fund managers and pension funds that subscribed to the bulk. "In line with our rapid expansion plans to accelerate India's energy transition, this issuance goes a long way in helping us meet our robust growth objectives and reduce our cost of capital," said the company's President Corporate Finance, Kailash Vaswani. "We will continue to seek fundraising opportunities to refinance our existing debt with lower-cost fixed rate green bonds."
This happens to be the 1st High Yield issuance out of the ASEAN and South Asian regions in 2022, claims the company. It explained the dollar notes are certified green bonds by Climate Bond Initiative and will be listed on the Singapore Exchange (SGX).
With the $400 million, ReNew says it has raised over $3.5 billion across 8 such issuances, out of which 7 are outstanding.
The company has been trading on the NASDAQ since August 2021 when it claimed to be India's largest publicly traded renewable energy company by total generation capacity (see India's ReNew Power Starts Trading On NASDAQ).
At the end of November 2021, its total commissioned and committed renewable energy capacity across India was close to 10.3 GW, comprising utility scale solar PV, wind, hydro and distributed solar energy projects.