ReNew Repays Over $1 Billion to Offshore Bondholders in FY 2023

Gurugram-based clean energy firm ReNew Energy Global Plc has revealed that it has repaid more than $1 billion to its offshore bondholders in FY 2023. The repaid amount entails the most recent amortisation of $180 million in March 2023.

“In today’s fast-paced global business environment, firms must be very strategic in financing for the growth initiatives,” said Kedar Upadhye, the CFO of ReNew. “As ReNew and India lead the global energy transition, we have continued to mitigate refinancing risk without diminishing the company’s growth capital.” Over the past fiscal year, the NASDAQ-listed firm 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.

Following this refinancing, asset-backed bonds worth $325 million would be due for repayment in FY2025, while the rest of the dollar bonds worth $1.7 billion would be due for maturity in FY2027 and beyond. ReNew had previously announced the closing of $1 billion in financing for its Round-the-Clock (RTC) project, which received the Renewable Deal of the Year award from Asia Pacific Loan Market Association (APLMA) and the Asia Pacific Green Deal of the Year from Project Finance International (PFI).

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ReNew’s 1.3 GW RTC storage-enabled hybrid project is the largest single-project external commercial borrowing (ECB) project in the India’s renewable sector, the firm claims.

“These developments are a testimony to ReNew’s strong access to both domestic and international markets, and demonstrates its strong cash flow profile,” said Upadhye. “Through ReNew’s ECB deal, it has now added several international banks to its lending roster.”

Last month, the firm made a strategic decision to rebrand itself as ReNew to reflect its transition from being a pure-play renewables company to an end-to-end provider of solutions across the decarbonization spectrum, including clean energy, green hydrogen, energy storage and carbon markets. ReNew has been leveraging digital technologies to accelerate the transition to green energy and address the unique requirements of the B2B segment where it is the market leader.

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As of September last year, ReNew’s clean energy portfolio of was 13.4 GW on a gross basis. The firm claims this is among the largest globally.