![](http://www.cleanfuture.co.in/wp-content/uploads/2020/11/1603393633-2496.jpg)
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.
![ReNew Power](http://www.cleanfuture.co.in/wp-content/uploads/2020/11/5b1e3aa6b8288_ReNew_Power.jpg)
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