ReNew Power, an Indian renewable energy company, has raised $450 mn funding through a dollar bond issuance. The company was founded by Sumant Sinha in 2011.
Earlier, it had raised $350 mn from Goldman Sachs, Canada Pension Plan Investment Board (CPPIB) and Abu Dhabi Investment Authority (ADIA).
The company will utilize these funds to refinance its previous borrowing, which will be maturing next year. It will also be used to meet its future capital requirements.
As per Mint report, ReNew Power’s CFO D Muthukumaran said “The firm’s order book of 3x for such a long tenor paper and high participation from investors across the US and Europe is very encouraging and reflective of the company’s prospects and its healthy leverage levels.”
ReNew Power Private Limited is the largest renewable energy IPP in India in terms of total energy generation capacity. It today operates more than 100 utility scale projects spread across 8 states in India, generating 1% of India’s total electricity and helping to mitigate 0.5% of India’s total carbon emissions. In 7 years of its operation, ReNew projects have generated almost 40,000 jobs, directly and indirectly.
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