ReNew repays over $1 billion to offshore bondholders in FY23
1 min read 28 Mar 2023, 08:53 PM ISTReNew said that the amount repaid includes the most recent amortization of $180 million this month
PremiumNEW DELHI : ReNew Energy Global Plc on Tuesday said that it has repaid more than $1 billion to its offshore bondholders in FY23.
In a statement, ReNew said that the amount repaid includes the most recent amortization of $180 million this month.
Kedar Upadhye, CFO of ReNew said: “As ReNew and India lead the global energy transition, we have continued to mitigate refinancing risk without diminishing the company’s growth capital."
Over the past fiscal year, the Nasdaq-listed company refinanced $525 million in the domestic markets ahead of the March 2024 maturity, in addition to repayment of $300 Million from its internal cash flow accruals.
Post this refinancing, asset-backed bonds worth $325 million would be due for repayment in FY2025, while the rest of the dollar bonds worth $1.7 billion would be due for maturity in FY2027 and beyond.
ReNew previously announced the closing of $1 billion in financing for its round-the-clock (RTC) project. ReNew’s 1.3 GW RTC storage-enabled hybrid project is the largest single-project external commercial borrowing (ECB) project in the India’s renewable sector, the statement said.
“Through ReNew’s ECB deal, it has now added several international banks to its lending roster," Upadhye said.
Last month, the company made a strategic decision to rebrand itself as ReNew to reflect its transition from being a pure-play renewables company to an end-to-end provider of solutions across the decarbonization spectrum, including clean energy, green hydrogen, energy storage and carbon markets.
ReNew has also been selected for manufacturing of wafers, cells and modules under the second tranche of the government’s solar modules production-linked (PLI) incentive scheme.
As of September 2022, the company had a gross clean energy portfolio of 13.4 GW.
