Indian renewable energy company ReNew Energy Global has raised USD 400 million (EUR 352m) from a green bond sale aimed at helping it support its growth targets and reduce cost of capital. With a coupon of 4.5%, the senior secured notes mature in 5.25 years and will be listed on the Singapore Exchange. They were placed by ReNew Power’s Mauritanian unit India Clean Energy Holdings.
Funds from the transaction are earmarked for refinancing existing high-cost debt of ReNew Power’s subsidiaries and will also cover costs related to renewable energy assets. As of end-November, the Indian group had around 10.3 GW of wind, solar and hydropower assets, including commissioned and committed projects. The offering attracted the interest of investors from the US and Asia, while around 40% of the total commitments came from EMEA-based investors. The bulk of the notes was subscribed to by long-only fund managers and pension funds.