ReNew Power announces public issue of NCD worth Rs.500 cr

India based renewable energy company, ReNew Power on Wednesday announced public issue of Non-Convertible Debentures (NCD’s) with a face value of Rs. 10, 00,000 each combining to Rs. 500 Crore.

The company notes that this is the first certification of an already issued Project Bond by the Climate Bond Initiative (an international, investor focused not-for-profit entity) as Green bonds. ReNew Power utilized the capital raised through the issue towards the development of green energy project in Dhar and Ujjain districts of Madhya Pradesh. The offer of NCD’s has been rated as A+ by CARE Ratings.

Speaking about the offer, Sumant Sinha, Chairman & CEO, ReNew Power Ventures Private Limited said, “The renewable energy sector in India is at a very exciting phase at the moment and ReNew is today a market leader in the space. We are poised to grow aggressively and increase assets thereby creating a value driven enterprise which will play a key role in offsetting India’s reliance on fossil fuels and achieving the 175 GW renewable energy generation target.”

The issue was opened for subscription on August 01, 2016 and closed on the same day.

Speaking about the issue, Kailash Vaswani, Deputy CFO, ReNew Power Private Ventures Limited said, “The renewable energy sector currently faces a lot of challenges related to fundraising and Green Bonds are an innovative way to fund projects. This fund offer presents a great opportunity for investors looking to participate in the India’s renewable energy story.”