ReNew Power has secured USD 400 million from international debt investors, making it the country’s second bond issue after Reliance Industries’ USD 4 billion issuance. Clean Energy Holdings, a wholly-owned subsidiary of Renew Energy Global Plc, which is the parent of the operating firm ReNew Power, raised the funds, according to the renewable energy firm.
The USD 400 million 5.25-year senior secured dollar notes came with a 4.5 percent coupon. According to the Gurugram-based and Nasdaq-listed firm, the funds would be utilised to repay current high-cost debt and support capital investment, among other things.
The dollar notes will be listed on the Singapore Stock Exchange as certified green bonds by the Climate Bond Initiative. These green bonds are the first high-yield offering from the ASEAN and South Asian areas in the new year, with a tenor of 5.25 years. The issue received 40% of its subscriptions from American and Asian investors, with the remainder coming from EMEA (Europe, Middle East, and Africa) investors. The majority of the subscribers are long-only fund managers and pension funds.