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					</table><p>Independent renewable power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> has refinanced Non-Convertible Debentures (NCDs) worth ₹23.91 billion (~$288.3 million), issued by its subsidiaries in October 2020.</p>
<p>The refinancing was achieved through the redemption of USD bonds. The NCDs, initially issued to India Green Energy Holdings, a Mauritius-based special purpose vehicle, were backed by $325 million raised through senior secured bonds. These bonds, carrying a coupon rate of 5.375%, were slated to mature in April 2024.</p>
<p>ReNew used the proceeds of a long-term amortizing project loan obtained from a leading non-banking financial company to refinance the NCDs.</p>
<p>This move resulted in the redemption of the USD bonds, three months ahead of their scheduled maturity.</p>
<p>The refinancing operation was executed at an interest cost of less than 9%, which is expected to reduce the overall borrowing cost on this debt pool by more than 200 basis points.</p>
<p>ReNew Energy said the move extends the maturity beyond 15 years through structured amortizations.</p>
<p>Kailash Vaswani, Group CFO of ReNew, said, &#8220;We will continue to look at multiple pools of capital to further reduce our borrowing costs, extend maturities on existing debt, and reduce refinancing risk without depleting the company&#8217;s growth capital.&#8221;</p>
<p>ReNew’s clean energy portfolio stood at ~13.8 GW on a gross basis as of September 2023.</p>
<p>Last December, ReNew <a href="https://www.mercomindia.com/renew-blocks-transmission-3-1-gw-pipeline-projects" target="_blank" rel="noopener">blocked</a> transmission capacity in advance for its 3.1 GW of awarded projects, which are pending power purchase agreements. The company had emphasized the critical nature of blocking transmission capacity as a proactive approach. The letters of award for these projects have given the company a strategic advantage in securing transmission capacity.</p>
<p>Earlier, ReNew <a href="https://www.mercomindia.com/renew-gentari-enter-jv-renewable-assets-in-india" target="_blank" rel="noopener">signed</a> a 50:50 joint venture agreement with clean energy solutions provider Gentari to develop solar, wind, and energy storage assets to achieve a clean power capacity target of 5 GW in India. The partnership follows Gentari’s initial investment for a 49% equity stake in ReNew Power’s 403 MW  power project that the latter announced in May this year.</p>


ReNew Refinances $325 Million Non-Convertible Debentures

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