18
Tue, Sep

ReNew Power raises Rs 2,235 crore from NCD

From The Web - India
Typography

ReNew Power has raised Rs 2,235 crore through a non-convertible debenture (NCD) issue which will...

Advertisement

ReNew Power has raised Rs 2,235 crore through a non-convertible debenture (NCD) issue which will be utilised for repaying its existing loans and business expansion.

The issue had two parts with the first, a credit enhanced NCD worth Rs 760 crore and the second, a multi-issuer cross-collateralised rupee bond involving multiple power distribution companies valued at Rs 1,475 crore, the company said in a statement on Tuesday.

Debt worth Rs 1,475 crore involves multiple power distribution companies from Andhra, Rajasthan and Gujarat, and is spread across eight special purpose vehicles and 12 projects totaling 234 mw of installed capacity (174 mw of wind and 60 mw of solar).

"We continue to broad-base our sources of debt and this NCD issue has saved interest cost between 1.5 and 2 per cent. This is expected to help freeing up existing bank limits and allowing us to contribute to working towards renewable energy targets set by states and the Centre," company's deputy CFO Kailash Vaswani said.

He further said the proceeds from the bond issue will be used for the prepayment of existing term loans which he did not quantify.

The second issue of Rs 760 crore, has a tenor of 17 years.

India Infrastructure Finance Company and the Indian Renewable Energy Development Agency have together extended a partial credit guarantee.

ReNew Power has a host of international investors, including Goldman Sachs and Global Environment Fund from the US, Abu Dhabi Investment Authority and Asian Development Bank and JERA from Asia and till date, it has raised a total equity of USD 900 million.

L&T Financial Services acted as the underwriter for the multi-issuer cross-collateralised rupee bond.

Continue Reading On Money Control


Advertisement

Translator

Advertisement
Advertisement

SolarQuarter Tweets

Follow Us For Latest Tweets

SolarQuarter 100 CXOs Confirmed To Attend Solar CEOs Meet & RE Sundowner 2018_17 Sep 2018, New Delhi, Radisson Blu Plaza, Aeroci… https://t.co/NmytYpREMp
Friday, 14 September 2018 08:09
SolarQuarter EV Investment & Finance Summit Is Here_Book Your Seats Today_1 Nov 2018, Mumbai - https://t.co/4I4pOy8M5j
Wednesday, 12 September 2018 05:07
SolarQuarter Hey << Test First Name >>, Here's Your Event Photo Gallery, Checkout The Amazing Moments - https://t.co/qE0yhHY7w0
Wednesday, 05 September 2018 13:08

Advertisement