- Refinancing slashes interest cost by 200 basis points
- Redeems US$ 525 million of
outstanding bonds through longer-term financing
GURUGRAM, India, July 12, 2022 /PRNewswire/ -- ReNew Energy
Global plc ('ReNew' or 'the Company') (NASDAQ: RNW)
(NASDAQ: RNWWW), India's
leading renewable energy company, announced today that it has
successfully refinanced its 2024 maturity dollar-denominated bonds
with amortising project debt from an Indian nonbank financial
company, becoming the first Indian renewable energy company to do
so.
ReNew issued bonds ('RPVIN 6.67% 24s' or 'Bonds') worth
US$ 525 million in 2019, which were
set to mature in 2024. By refinancing the dollar-denominated bonds
ahead of time, ReNew has shown strong and continued access to
domestic debt capital, as well as an ability to proactively manage
refinancing risk.
This refinancing has cut the bonds' INR interest cost by 200
basis points, with the interest rate fixed for three years while
pushing out the maturity to the end of fiscal year 2027. The rate
reduction, rate fixing, and tenor extension have taken place
against the backdrop of a rising interest rate environment in the
broader markets. This pre-emptive refinancing mitigates near-term
refinancing risk for bonds and provides liquidity to bond
investors.
Speaking on the refinancing of debt, ReNew CFO Kedar Upadhye, said, "In today's
business climate, being pro-active and flexible in one's financing
strategy is key, and our team has taken the lead in this by making
us the first Indian renewable energy to raise money onshore to
retire US dollar bond obligations.
As we help spearhead India's
energy transition, we have mitigated refinancing risk without
depleting the company's growth capital and will continue to look at
multiple pools of capital to further abate refinancing risk."
ReNew continues to rapidly expand its capacity, with its gross
total portfolio recently surging over 25 % to ~12.8 GW from 10.2 GW
at the beginning of 2022.
About ReNew
ReNew is one of the largest renewable energy Independent Power
Producers in India and globally.
ReNew develops, builds, owns, and operates utility-scale wind and
solar energy projects, and hydro projects. As of June 14, 2022, ReNew had a gross total portfolio
of ~12.8 GW of renewable energy projects across India. To know more, visit
www.renewpower.in and follow us on LinkedIn, Facebook,
Twitter and Instagram.
Press Enquiries
Kamil Zaheer
kamil.zaheer@renewpower.in
+919811538880
Investor Enquiries
Nathan Judge
Anunay Shahi
ir@renewpower.in
Logo:
https://mma.prnewswire.com/media/653741/ReNew_Power_New_Logo.jpg