ReNew Power’s First Ever Issue of Green Bonds Worth 500 Cr.
– Funds Utilized Towards Development of Wind Project in MP
– Rated A+ by CARE Ratings
ReNew Power Ventures Private Limited, India’s leading renewable energy company, today announced public issue of Non-Convertible Debentures (NCD’s) with a face value of Rs. 10,00,000 each aggregating Rs. 500 Crore.
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. The capital raised through the issue was utilized towards development of wind 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, Mr 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.”
Kotak Mahindra Bank is the Lead Arranger for the NCD issue. The issue was opened for subscription on August 01, 2016 and closed on the same day.
Speaking about the issue, Mr 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.”