Mahindra Susten to Develop 150 MW Open Access Renewable Power Project

BJP, Congress Bet Big on Renewables in 2024 Election Manifestos

Daily News Wrap-Up: REIL Invites Bids for 200,000 Mono PERC Solar Cells

Solar, Storage, Wind Drive 95% of US Interconnection Queues as Backlog Rises

Ahasolar Wins Consultancy Contract for 52 MW Solar Project from BPCL

REIL Invites Bids for 200,000 Mono PERC Solar Cells

Daily News Wrap-Up: MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

AutoNxt Secures Pre-Series A Funding to Finance Electric Tractor Launch

Daily News Wrap-Up: REC Records Highest-Ever Loan Approvals in FY24


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/04/amazon_polly_52922.mp3?version=1682079175">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew</a> Energy has raised $400 million through its fully owned subsidiary Diamond II from senior secured green bonds.</p>
<p>The green bonds issued by ReNew&#8217;s subsidiary attracted significant investor interest from the United States, Europe, and Asia.</p>
<p>This marked the first high-yield issuance out of India in over a year.</p>
<p>The funds raised from the issuance will be used to refinance existing dollar-denominated debt and finance ReNew&#8217;s growth initiatives.</p>
<p>“The order book was oversubscribed about four times with a total investor demand aggregating in excess of $1.5 billion, resulting in 35bps tightening of pricing,” the company said.</p>
<p>ReNew said the issuance highlights the company&#8217;s capacity to raise capital and reinforces its commitment to maintaining a robust balance sheet and strong liquidity position for stakeholders.</p>
<p>The newly issued corporate-style notes have a coupon rate of 7.95% in U.S. dollars and have received a Ba3 rating from Moody&#8217;s and a BB rating from Fitch.</p>
<p>These notes have been certified by the Climate Bonds Initiative and are in line with the ICMA Green Bond Principles. A development impact assessment has been included in the notes.</p>
<p>Kailash Vaswani, ReNew&#8217;s President of Corporate Finance, said the successful green bond issuance has revived India&#8217;s high-yield dollar bond market after a long hiatus. The substantial interest from global investors reflects the increasing demand for renewable energy and reinforces ReNew&#8217;s status as a leader in the industry.</p>
<p>“Raising corporate funds at an expected rate consistent with our long-term plan and will enable us to accelerate our renewable energy initiatives, reduce our cost of capital, drive innovation, and make a positive impact on the environment,” he said.</p>
<p>In the current fiscal year of FY2023, ReNew has already paid off over $1 billion to its offshore bondholders.</p>
<p>The company refinanced $525 million in the domestic markets in the previous fiscal year and repaid an additional $480 million in debt through its internal cash flow generation.</p>
<p>As of September 30, 2022, ReNew&#8217;s clean energy portfolio stands at approximately 13.4 GW on a gross basis.</p>
<p>The independent renewable power producer’s net loss <a href="https://www.mercomindia.com/renew-powers-q3-net-loss-narrows" target="_blank" rel="noopener">narrowed</a> to ₹4 billion ($49 million) in the third quarter of the financial year 2023, compared to a net loss of ₹6.4 billion ($77 million) year-over-year.</p>
<p>The company <a href="https://mercomindia.com/renew-power-1-1-billion-loan-1-3-gw-round-the-clock-renewable/" target="_blank" rel="noopener">announced</a> $1.1 billion in external commercial borrowing for the company’s hybrid round-the-clock battery-enabled renewable project.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
</div></div><div class="clearfix"></div></div></div>

ReNew Energy Subsidiary Raises $400 Million via Green Bonds

diamond-ii-limited

Get the most relevant India solar and clean energy news.

RECENT POSTS