Goldman Sachs-promoted ReNew Power raised $325 million via offshore bond sale. The dollar bond offer was subscribed 6x with the total offer book at $2 billion.
This is the first successful bond issuance by an Indian renewable company since the Covid-induced economic slowdown. In June, SoftBank Energy, an Indian clean energy unit of Japan-based SoftBank, withdrew its $600-million bond issuance due to investors’ concerns on the price-cost ratio of its solar projects. Company executives said this was also the cheapest bond offering by any renewable company. The bonds when issued were priced at 5.87 per cent. However, the rate was reduced to 5.37 per cent, but the investors continued to book, said the executive.
