January 11 (Renewables Now) - Indian independent power producer ReNew Power Ventures Pvt Ltd has secured INR 22.35 billion (USD 351m/EUR 294m) from a bond issue that will help it repay debt and expand its renewable energy business.
The funds were raised in a non-convertible debenture (NCD) issue consisting of two separate tranches, the company said on Tuesday. The first part of the offering included a credit-enhanced NCD worth INR 7.6 billion, while the second one was for a multi-issuer cross-collateralised rupee bond of INR 14.75 billion. The larger debt, maturing in 17 years, involves multiple power distribution firms from Andhra Pradesh, Rajasthan and Gujarat and is spread across eight special purpose vehicles and 12 solar and wind projects totalling 234 MW.
L&T Financial Services was the underwriter of the multi-issuer cross-collateralised bond placement, ReNew Power said. It added that the NCD issue will enable it to work towards the goals set by the Indian government, calling for the the country to reach 100 GW of solar and 60 GW of wind power capacity by 2022.
(INR 10 = USD 0.157/EUR 0.131)