ReNew raises $400 million through issuance of green bonds

ReNew Energy Global Plc’s (ReNew) wholly-owned subsidiary, Diamond II Limited, has raised $400 million through the issue of senior secured green bonds.

The green bonds received strong demand from investors in the US, Europe and Asia. The order book was oversubscribed about four times with a total investor demand aggregating in excess of $1.5 billion, resulting in 35bps tightening of pricing. The Corporate Style Notes carry a US Dollar coupon rate of 7.95 per cent and have been rated Ba3 by Moody’s and BB- by Fitch. Proceeds from the issue will be used to refinance existing dollar debt and fund various growth initiatives. The notes have been certified by the Climate Bond Initiative and are aligned with the ICMA Green Bond Principles. The notes also include a development impact assessment.