ReNew Becomes First Indian Renewable Energy Company To Refinance Dollar-Denominated Bonds
- Refinancing slashes interest cost by 200 basis points
- RedeemsUS$ 525 millionof outstanding bonds through longer-term financing
GURUGRAM,India,July 12, 2022/PRNewswire/ -- ReNew Energy Global plc ('ReNew' or 'the Company') (NASDAQ:RNW) (NASDAQ:RNWWW),India'sleading renewable energy company, announced today that it has successfully refinanced its 2024 maturity dollar-denominated bonds with amortising project debt from an Indian nonbank financial company, becoming the first Indian renewable energy company to do so.
ReNew issued bonds ('RPVIN 6.67% 24s' or 'Bonds') worthUS$ 525 millionin 2019, which were set to mature in 2024. By refinancing the dollar-denominated bonds ahead of time, ReNew has shown strong and continued access to domestic debt capital, as well as an ability to proactively manage refinancing risk.
This refinancing has cut the bonds' INR interest cost by 200 basis points, with the interest rate fixed for three years while pushing out the maturity to the end of fiscal year 2027. The rate reduction, rate fixing, and tenor extension have taken place against the backdrop of a rising interest rate environment in the broader markets. This pre-emptive refinancing mitigates near-term refinancing risk for bonds and provides liquidity to bond investors.
Speaking on the refinancing of debt, ReNew CFOKedar Upadhye,said”,在今天的商业环境,积极主动nd flexible in one's financing strategy is key, and our team has taken the lead in this by making us the first Indian renewable energy to raise money onshore to retire US dollar bond obligations.
As we help spearheadIndia'senergy 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."
ReNew continues to rapidly expand its capacity, with its gross total portfolio recently surging over 25 % to ~12.8 GW from 10.2 GW at the beginning of 2022.
About ReNew
ReNew is one of the largest renewable energy Independent Power Producers inIndiaand globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, and hydro projects. As ofJune 14, 2022, ReNew had a gross total portfolio of ~12.8 GW of renewable energy projects acrossIndia. To know more, visitwww.renewpower.inand follow us onLinkedIn,Facebook,TwitterandInstagram.
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SOURCE ReNew Energy Global plc
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