Mumbai: Renewable energy major ReNew Power Pvt. Ltd is planning to tap the offshore bond market to raise as much as $320 million to refinance local debt, the first such offshore bond issuance by an Indian renewable energy producer since covid-19 disrupted the markets in March.
On Friday, international rating agency Moody’s Investors Service said that it has assigned a Ba3 rating to the proposed 3.5-year USD senior secured notes of up to $320 million to be issued by India Green Energy Holdings.
India Green will use the proceeds from the dollar notes to subscribe to seven-year non-convertible debentures (NCDs) to be issued by 11 restricted subsidiaries (RG3), which are either wholly-owned or majority-owned subsidiaries of ReNew Power, the rating agency said. These subsidiaries comprise of solar and wind projects of over 400 megawatts (MW) capacity.
