Goldman Sachs-promoted ReNew Power raised $325 million via offshore bond sale. The dollar bond offer was subscribed 6x with the total offer book at $2 billion.
Lot of investors came in from the US and there was an overwhelming demand from Asian markets — almost 56 per cent of the total book, including US-based investors with presence in Asia, such as PIMCO and Blackrock. Demand came in from more than 130 accounts.
ReNew power has indicated it will invest close to Rs 1,500-2,000 crore for its manufacturing unit of 2 Gw of solar cells and modules.
The company said it would like to have diversified sources of capital. Currently, they have about $2 billion from the bond market, including the latest bond, out of the $4 billion of total debt. The objective is to free up limits for under construction assets.
ReNew Power has a total installed capacity of 5.4 Gw of solar and wind power. It also has 4.6 Gw of renewable power capacity under construction.
This is the first successful bond issuance by an Indian renewable company since the Covid-induced economic slowdown.
This is ReNew’s second bond offering in this calendar year. It raised $450 million via dollar bonds in January when it was oversubscribed three times.
This is a PRNewswire Feed; edited by Clean-Future Team