ReNew Power ties up $1 billion ECB
ReNew Power on Wednesday said it has tied up a $1 billion loan with a consortium of 12 international lenders led by Rabobank. The loan has been tied up through a special purpose vehicle and will be deployed for its hybrid round-the-clock (RTC) battery-enabled project, the company said.
ReNew Power said that this is the largest external commercial borrowing (ECB) for project finance in the country’s renewable sector, for any single project. The interest rate, after hedging, is expected to be lower than the company’s current average cost of debt on its balance sheet.
