ReNew Repays More Than $1 Billion to Offshore Bondholders in FY2023
29 March 2023 - 1:02AM
Business Wire
- Level of Refinancing demonstrates the
resilience of Renew’s funding engine
- Most of the pending dollar bond maturities
are now slated for FY2027 and beyond
ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW,
RNWWW), India’s leading clean energy company and a preferred
decarbonisation partner, announced on Tuesday that it has repaid
more than $1 billion to its offshore bondholders in FY 2023. The
amount repaid includes the most recent amortisation of $180 million
this month.
“In today’s fast-paced global business environment, firms must
be very strategic in financing for the growth initiatives,” said
Kedar Upadhye, CFO of ReNew. “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, which received the
Renewable Deal of the Year award from Asia Pacific Loan Market
Association (APLMA) and the Asia Pacific Green Deal of the Year
from Project Finance International (PFI). ReNew’s innovative 1.3 GW
RTC Storage enabled hybrid project is the largest single-project
external commercial borrowing (ECB) project in the India’s
renewable sector.
“These developments are a testimony to ReNew’s strong access to
both domestic and international markets, and demonstrates its
strong cash flow profile,” said Upadhye. “Through ReNew’s ECB deal,
it has now added several international banks to its lending
roster.”
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 been
leveraging digital technologies to accelerate the transition to
green energy and address the unique requirements of the B2B segment
where it is the market leader.
About ReNew
ReNew is the leading decarbonisation solutions company listed on
Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy portfolio of
~13.4 GWs on a gross basis as of September 30, 2022, is one of the
largest globally. In addition to being a major independent power
producer in India, we provide end-to-end solutions in a just and
inclusive manner in the areas of clean energy, green hydrogen,
value-added energy offerings through digitalisation, storage, and
carbon markets that increasingly are integral to addressing climate
change. For more information, visit renew.com and follow us on
LinkedIn, Facebook, Twitter and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20230328005607/en/
Press Enquiries ReNew | Shilpa Narani |
shilpa.narani@renew.com
Investor Enquiries Nathan Judge | ir@renew.com
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