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ReNew Power, India’s leading renewable energy producer, plans to launch a fresh bond issue of up to $600 million to refinance debt raised to build around 803MW of operating wind and solar assets, said a person aware of the plans.

ReNew last raised $460 million through a bond offering in February. This followed the Goldman Sachs-backed company raising $325 million last October by selling bonds to foreign investors. ReNew is one of the most active dollar bond issuers from India.

“While the company has the approval to raise up to $620 million, the proposed bond issuance will be in the range of $575-600 million," the person cited above said, requesting anonymity.

An email sent to ReNew Power on Tuesday did not elicit a response.

The plan follows ReNew Power announcing a merger agreement with RMG Acquisition Corp. II (RMG II)—a Nasdaq-listed special purpose acquisition company (SPAC)—with an aim to list the company on the Nasdaq stock exchange. The transaction placed an enterprise value of around $8 billion on ReNew Power, and is expected to close in the second quarter of this year.

On Tuesday, Moody’s Investors Service assigned a Ba3 rating to the proposed 7.25-year US dollar senior secured notes to be issued by a newly-formed restricted group of ReNew Power. Formed specifically to facilitate the proposed USD notes, the restricted group comprises 10 wholly-owned restricted subsidiaries, it said.

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