ReNew Power raises $585 mn through dollar bonds
- 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
MUMBAI: ReNew Power Pvt Ltd, one of the largest green energy producers in the country, has raised $585 million through its latest dollar bond offering.
The green bonds bonds, due 2028, were priced at 4.5%
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The proceeds will be used to refinance debt of around 803MW of operating wind and solar assets.
Moody’s Investors Service had last week assigned a Ba3 rating to these bonds.
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.
The bond issuance comes at a time when the Goldman Sachs backed green energy firm has announced a merger agreement with RMG Acquisition Corp. II (RMG II), a Nasdaq-listed special purpose acquisition company (SPAC), which will eventually see the company list on the Nasdaq stock exchange.
The transaction puts an enterprise value of around $8 billion on ReNew Power, and is expected to close in the second quarter of this year.
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