Corporate
Wednesday, 10 January 2018 17:12

ReNew Power raises ₹2,235 crore

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10/01/2018

ReNew Power Ventures Pvt. Ltd, one of India’s leading clean energy companies, has announced the closure of the issue of non-convertible debentures (NCDs) collectively worth ₹2,235 crore (or about $360 million).

The issuance comes in two parts: the first, a credit-enhanced NCD worth ₹760 crore and the second, a multi-issuer cross-collateralised rupee bond valued at ₹1,475 crore and involving multiple power distribution companies.

“ReNew Power continues to broadbase its sources of debt financing and the recently concluded NCD transactions have resulted in the reduction of interest cost [by] between 1.5% and 2%,” said Kailash Vaswani, deputy CFO, ReNew Power. “This is expected to help free up existing bank limits and allow us to work towards the renewable energy targets set by State governments and the Centre.”

The NCD worth ₹1,475 crore involves multiple power distribution firms from the States of Andhra Pradesh, Rajasthan and Gujarat and spread across eight special purpose vehicles and 12 projects totalling 234 MW of installed capacity, the company said in a statement.

It added that the proceeds from the bond issue would be used for the prepayment of existing term loans.

ReNew Power is backed by international investors, namely Goldman Sachs and Global Environment Fund from the U.S., Abu Dhabi Investment Authority from West Asia, the Asian Development Bank and JERA from Asia.

Till date, the power company has raised a total equity of $900 million.

Additional Info

  • News Section: Corporate
  • Month: January
  • Year: 2018
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