ReNew Energy refinances 2024 bonds with project debt due 2027

By Marisa Wong

Los Angeles, July 12 – ReNew Energy Global plc announced it successfully refinanced its 2024 maturity dollar-denominated bonds with amortizing project debt from an Indian non-bank financial company, becoming the first Indian renewable energy company to do so.

ReNew had issued the 6.67% bonds due 2024 worth $525 million in 2019.

By refinancing the dollar-denominated bonds ahead of time, the company has shown strong and continued access to domestic debt capital, as well as an ability to proactively manage refinancing risk, ReNew said in a press release.

This refinancing has cut the bonds’ INR 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.

This pre-emptive refinancing mitigates near-term refinancing risk for bonds and provides liquidity to bond investors, the company said.

ReNew is a renewable energy company based in Gurugram, India.

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