India's ReNew sells USD 375m of green bonds

Author: .Martin. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

March 7 (Renewables Now) - ReNew Power Ventures Pvt Ltd has issued USD 375 million (EUR 332m) in five-year green bonds to refinance commercial borrowings and invest in green projects, the Indian independent power producer (IPP) said today.

The issuance opened for subscription on Tuesday and closed on the same day. It was fully subscribed by fund managers, asset managers, banks, pension funds and life funds from the US, Europe and Asia, ReNew said.

Deputy CFO Kailash Vaswani explained that the green bonds come to support the company’s efforts to diversify its debt sources. “The issuance enabled us to fix our interest rate risk and achieve a lower pricing than existing borrowing costs,” Vaswani added.

The bookrunners for the offering were Barclays, Goldman Sachs, HSBC, JP Morgan and YES Bank.

ReNew Power has more than 3.9 GW of operational wind and solar capacity, according to its website.

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Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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