India's ReNew refinances USD 525m worth of bonds ahead of time

Indian renewable power producer ReNew Energy Global plc (NASDAQ:RNW) announced today it has successfully refinanced USD 525 million (EUR 520m) worth of dollar-denominated bonds that were set to mature in 2024.

The company said in a statement that the refinancing has led to the reduction of the INR interest cost of the bonds by 200 basis points. The interest rate is fixed for three years and pushes out the maturity to the end of fiscal year 2027.

According to ReNew, it has now become the first Indian renewable energy company to refinance dollar-denominated bonds.

“As we help spearhead India's energy transition, we have mitigated refinancing risk without depleting the company's growth capital and will continue to look at multiple pools of capital to further abate refinancing risk,” commented ReNew CFO Kedar Upadhye.

ReNew is engaged in the development, construction, ownership and operation of utility-scale wind and solar parks, as well as hydropower plants. As of June 14, 2022, the company’s gross total portfolio in India amounted to 12.8 GW.

(USD 1 = EUR 0.990)

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