ReNew Power issues high-yield offshore bond worth Rs $400 mn
21 Apr 2023
2 Min Read
CW Team
According to Kedar Upadhye, group chief financial officer at ReNew Energy, Diamond II Ltd, a division of the company, has appointed Barclays, Deutsche Bank, HSBC, JP Morgan, Standard Chartered Bank, and BNP Paribas as joint worldwide coordinators.
The company for alternative energy would now hold roadshows for the bond offering, which would be supported by its corporate guarantee.
The bonds are in compliance with the International Capital Market Association (ICMA) Green Bond Principles, a set of rules that guarantees the bonds are used for environmentally sustainable projects, and have been certified by the Climate Bond Initiative, a non-profit organisation promoting investment in climate change solutions.
An extra security offered by a guaranteed bond is that, in the case of issuer default brought on, for example, by insolvency, interest and principal payments will be made by a third party. Compared to non-guaranteed bonds, this arrangement enables the issuing business to charge lower interest rates. ReNew returned more than $1 billion to its offshore bonds in FY23. Prior to their March 2024 maturity, the Nasdaq-listed company refinanced $525 million in bonds in domestic markets throughout the previous fiscal year. It also repaid $300 million in internal cash accruals.
As of September 30, 2022, ReNew's renewable energy portfolio totaled 13.4 gigawatts (GW) on a gross basis. ReNew's intentions to expand its activities within the renewable energy industry align with the funding strategy. ReNew Power changed its name to ReNew in February to reflect its transformation from a pure-play renewables company to a comprehensive provider of decarbonization solutions for the clean energy, green hydrogen, energy storage, and carbon markets.
The Canadian pension fund became the main shareholder in ReNew last month when the Canada Pension Plan Investment Board (CPPIB) and Goldman Sachs reached an agreement to purchase the latter's shareholding for $268.6 million. The price per share for the transaction was $4.8. As part of its capital recycling strategy, ReNew also intended to sell a small portion of its commercial and industrial projects for roughly $300 million.
See also:
GIP in talks with Apollo Global to buy Adani bonds
Macrotech Developers redeems offshore bonds worth $170 mn
According to Kedar Upadhye, group chief financial officer at ReNew Energy, Diamond II Ltd, a division of the company, has appointed Barclays, Deutsche Bank, HSBC, JP Morgan, Standard Chartered Bank, and BNP Paribas as joint worldwide coordinators.
The company for alternative energy would now hold roadshows for the bond offering, which would be supported by its corporate guarantee.
The bonds are in compliance with the International Capital Market Association (ICMA) Green Bond Principles, a set of rules that guarantees the bonds are used for environmentally sustainable projects, and have been certified by the Climate Bond Initiative, a non-profit organisation promoting investment in climate change solutions.
An extra security offered by a guaranteed bond is that, in the case of issuer default brought on, for example, by insolvency, interest and principal payments will be made by a third party. Compared to non-guaranteed bonds, this arrangement enables the issuing business to charge lower interest rates. ReNew returned more than $1 billion to its offshore bonds in FY23. Prior to their March 2024 maturity, the Nasdaq-listed company refinanced $525 million in bonds in domestic markets throughout the previous fiscal year. It also repaid $300 million in internal cash accruals.
As of September 30, 2022, ReNew's renewable energy portfolio totaled 13.4 gigawatts (GW) on a gross basis. ReNew's intentions to expand its activities within the renewable energy industry align with the funding strategy. ReNew Power changed its name to ReNew in February to reflect its transformation from a pure-play renewables company to a comprehensive provider of decarbonization solutions for the clean energy, green hydrogen, energy storage, and carbon markets.
The Canadian pension fund became the main shareholder in ReNew last month when the Canada Pension Plan Investment Board (CPPIB) and Goldman Sachs reached an agreement to purchase the latter's shareholding for $268.6 million. The price per share for the transaction was $4.8. As part of its capital recycling strategy, ReNew also intended to sell a small portion of its commercial and industrial projects for roughly $300 million.
See also: GIP in talks with Apollo Global to buy Adani bondsMacrotech Developers redeems offshore bonds worth $170 mn
Next Story
unWOOD transforms plastic waste into durable wood alternative
unWOOD, a breakthrough innovation, is converting hard-to-recycle plastic waste into a durable alternative to natural wood. Developed through a proprietary process called Intelligent Compounding, unWOOD uses a Macro Molecular Fiber Matrix (MMFM) structure to replicate the strength, look, and feel of hardwood鈥攚ithout the environmental cost.Conceptualised by Dr Babu Padmanabhan, the material addresses key flaws in traditional plastic recycling by consuming minimal energy, using zero water, and generating no microplastics. 鈥淎ny application that introduces plastics into areas where it cannot be..
Next Story
H盲fele launches Matrix undermount runners range
H盲fele has introduced its new Matrix range of undermount runners, designed to enhance drawer motion across kitchens, wardrobes, bathroom units, and more.Available in four weight capacities and a wide range of lengths, the Matrix undermount runners support diverse drawer designs. The 40 kg and 60 kg variants feature synchronised technology for superior motion and drawer stability. All runners come with an integrated soft-close mechanism to ensure smooth and noiseless operation.This in-house range is ideal for kitchen cabinets, bed storage units, living room furniture and bathroom drawers, offe..
Next Story
India's first AI-integrated campus announced in Noida
Yashoda Hospital and Bhutani Infra have announced plans to develop India鈥檚 first fully AI-integrated mixed-use campus in Greater Noida West. The upcoming project will feature a hospital, retail spaces, offices, SOHOs, serviced apartments, and a hotel鈥攁ll operating within a self-learning, generative AI-powered ecosystem.The AI-first campus will integrate real-time data systems, predictive analytics, and adaptive infrastructure to offer personalised experiences across functions. From AI-enabled footfall tracking and dynamic energy optimisation to smart F&B and retail insights, the develo..
