ReNew Energy Global Plc, one of the largest renewable energy independent power producers (IPPs) globally, on Tuesday, March 28, said it has repaid more than $1 billion to its offshore bondholders in FY 2023. The amount repaid includes the most recent amortization of $180 million this month.
Over the past fiscal year, the Nasdaq-listed company refinanced $525 million in the domestic markets ahead of the March 2024 maturity, in addition to repayment of $300 million from its internal cash flow accruals, it said.
Post this refinancing, asset-backed bonds worth $325 million would be due for repayment in FY2025.
"In today’s fast-paced global business environment, firms must be very strategic in financing for growth initiatives. As ReNew and India lead the global energy transition, we have continued to mitigate refinancing risk without diminishing the company’s growth capital," said Kedar Upadhye, CFO of ReNew.
"These developments are a testimony to ReNew’s strong access to both domestic and international markets, and demonstrate its strong cash flow profile,” said Upadhye. "Through ReNew’s ECB deal, it has now added several international banks to its lending roster."
ReNew Power, an India subsidiary of ReNew Energy Global Plc, a relatively new player in India’s green energy space, was founded in 2011 and has a capacity of 13.64 GW.
(Edited by : Shoma Bhattacharjee)
