ReNew Power Private Limited has raised $325 million selling bonds to foreign investors, in the first dollar bond offering by Indian renewable energy company since the covid-19 disruption. .
According to international rating agency Moody’s Investors Service, it has assigned a Ba3 rating to the proposed bonds to be issued by India Green Energy Holdings, a financing entity set up for the purpose of the fundraise. India Green will use the proceeds from the dollar bonds to subscribe to seven-year non-convertible debentures (NCDs) to be issued by 11 restricted subsidiaries (RG3), which are either wholly-owned or majority-owned subsidiaries of ReNew Power. These subsidiaries comprise of solar and wind projects of over 400 MW capacity.