ReNew Power Ltd is India's largest renewable energy Independent Power Producer (IPP). As of early 2019, they have over 7GW of commissioned and planned wind and solar generation facilities.
They are committed to leading a change in India’s current energy portfolio by delivering cleaner and smarter energy choices and thereby reducing the country’s carbon footprint. ReNew Power’s mission is to play a pivotal role in meeting India’s growing energy needs in an efficient, sustainable and socially responsible manner through innovation in solar and wind power solutions.
Proceeds of the February 2017 issuance were used to make investments in securities which in turn will be used for refinancing existing debt and making investments in other renewable energy assets. The allocation is estimated to be split between masala bond issuances from solar and wind power assets in 25:75 ratio.
In March 2019, they were able to directly issue a USD bond, which will finance up to 635MW of new solar and wind generation in facilities across India. This was issued through a Restricted Group consisting of certain subsidiaries of Renew Power Limited.
In September 2019, they issued another USD bond, of USD 300m.
In January 2020, they issued a USD bond, of USD 450m.
In October 2020, they issued an offshore USD bond, through India Green Energy Holdings.
|DATE OF ISSUE||TYPE OF INSTRUMENT||SIZE||COUNTRY OF ISSUE||CBI SECTOR CRITERIA||VERIFIER'S REPORT||ANNUAL REPORT||FURTHER INFORMATION|
|August 2016||Use of proceeds bond||INR 5bn (USD 75m)||India||Wind||ReNew Power press release|
|February 2017||Use of proceeds bond||USD 475m||Mauritius||Solar and Wind||Annual report to bondholders|
|March 2019||Use of proceeds bond||
(tapped twice, 60m in March, 90m in September)
|India||Solar and Wind||Emergent Ventures India pre issuance statement||Renew Power press release|
|September 2019||Use of proceeds bond||USD 300m||India||Solar and Wind||Emergent Ventures India pre issuance report||India Times news article|
|January 2020||Use of proceeds bond||USD 450m||India||Solar and Wind||Emergent Ventures India pre issuance report||LiveMint article|
|October 2020||Offshore bond, via
India Green Energy Holdings
|USD 325m||India||Solar and Wind||KPMG pre issuance verification||Livemint article|