The money will be used to refinance existing high-cost debt and fund capital expenditure, among other uses
Domestic renewable energy major ReNew Energy Global announced that its wholly-owned subsidiary, India Clean Energy Holdings, has raised USD 400 million from global debt investors.
Mauritius-based Clean Energy Holdings is a wholly-owned subsidiary of Renew Energy Global Plc that is the parent of the operating firm ReNew Power, which recently secured it’s in NASDAQ.
It offered a coupon of 4.5 per cent to the USD 400-million 5.25-year senior secured dollar notes. The money will be used to refinance existing high-cost debt and fund capital expenditure, among other uses, the company said.
Investors from Asia and the United States subscribed to these notes at about 40 percent each, and Europe, Middle East, and Africa (EMEA)-based investors subscribed to the remaining notes. Pension funds and long-only fund managers subscribed to the bulk of notes.
The renewable energy developer, through its subsidiaries, has raised around $3.5 billion across eight green bond issuances to date, of which seven are outstanding.
ReNew Power President (Corporate Finance) Kailash Vaswani said the money will be used to refinance existing high-cost debt and fund capital expenditure of its subsidiaries and for other corporate purposes.
The company is among the largest independent renewable energy producers developing, building, owning and operating utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects.
In August last year, ReNew Power said it will raise about $1 billion from its public Nasdaq listing, marking the first instance of an Indian renewable company getting listed in the US market.
