ReNew Repays Over USD 1 Bn to its Offshore Bondholders in FY2023

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.