ReNew Refinances US$ 325 Million Debt Three Months Ahead of Maturity
January 12 2024 - 6:00AM
Business Wire
- Refinancing to reduce interest cost on this debt pool by more
than 200 basis points.
- Company secures 15-year project finance from one of India’s
largest financial institutions.
ReNew Energy Global plc (“ReNew” or “the Company”) (Nasdaq: RNW,
RNWWW), India’s leading decarbonisation solutions company, on
Friday announced the refinancing of Non-Convertible Debentures
(NCDs) worth INR 23,910 million that were issued by its
subsidiaries in October 2020. These NCDs were issued to India Green
Energy Holdings, (“India Green Energy”), a Mauritius based SPV,
which had raised US$ 325 Million through senior secured bonds (“USD
Bonds”) to subscribe to these NCDs. The USD bonds, issued at a
coupon of 5.375%, were scheduled to mature in April 2024.
The refinancing was done using proceeds of a long-term
amortising project loan, obtained from a leading non-banking
financial company (NBFC). India Green Energy has consequently
redeemed the USD bonds three months ahead of maturity.
This refinancing comes at an interest cost of less than 9% and
would reduce the overall borrowing cost on this debt pool by more
than 200 basis points. The move will term out maturity beyond 15
years through structured amortisations.
Commenting on this, Mr. Kailash Vaswani, Group CFO of
ReNew, said, "Adapting a proactive and flexible financing
strategy is crucial in today’s business environment. We will
continue to look at multiple pools of capital to further reduce our
borrowing costs, extend maturities on existing debt and reduce
refinancing risk without depleting the company's growth
capital."
By refinancing and redeeming NCDs and USD bonds ahead of time,
ReNew has demonstrated strong and continued access to domestic debt
markets, which remain liquid, while reaffirming its ability to
proactively manage dollar refinancing risks.
About ReNew:
ReNew is a leading decarbonization solutions company listed on
Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of
~13.8 GWs on a gross basis as of September 30, 2023, is one of the
largest globally. In addition to being a major independent power
producer in India, we provide end-to-end solutions in a just and
inclusive manner in the areas of clean energy, value-added energy
offerings through digitalization, storage, and carbon markets that
increasingly are integral to addressing climate change. For more
information, visit renew.com and follow us on LinkedIn, Facebook,
Twitter and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20240112363215/en/
Press Enquiries ReNew | Shilpa Narani |
shilpa.narani@renew.com
Investor Enquiries ReNew | Nathan Judge, Nitin Vaid |
ir@renew.com
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