Home / Companies / News /  ReNew refinances bonds worth $525 million
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NEW DELHI : Nasdaq listed ReNew Energy Global plc on Tuesday said that it has refinanced its 2024 maturity dollar-denominated bonds worth $525 million with amortising project debt from an Indian non-banking financial company.

A company statement said that with this it has become the first Indian renewable energy company refinance dollar-denominated bonds.

“ReNew issued bonds worth $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," it said.

This refinancing has cut the bonds’ 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, the company said.

Speaking on the refinancing of debt, ReNew CFO Kedar Upadhye, said: “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’s gross total portfolio increased over 25% so far in 2022 to 12.8 GW from 10.2 GW at the beginning of the year

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