Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

 

ReNew Power

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

Post Issuance report (this bond was only Certified post issuance)

  ReNew Power press release
February 2017 Use of proceeds bond USD 475m Mauritius   Solar and Wind 

Emergent Ventures India pre issue statement

post issuance

Annual report to bondholders

Appleby

Green Bond Framework

March 2019 Use of proceeds bond

USD 525m

(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