ReNew Power to raise $350 million in bonds
ReNew Power Ventures, a renewable independent power producer, plans to raise $350 million in dollar-denominated bonds to refinance its existing debt. The company is currently conducting roadshows in Europe, people close to the development told FE.
The company has a total debt of Rs 23,845 crore as on March 31, 2018 at consolidated level with significant maturities in FY21 and FY22. The bonds will have a tenure of three years and will be issued by Mauritius-incorporated special purpose vehicle Zeus Energy Holdings, sources said.
The new fund raising plan comes close on the heels of ReNew raising $375 million in green bonds in March to refinance external commercial borrowings and for capital expenditure in green projects.
