ReNew Energy Global, a Nasdaq-listed Indian clean energy company, announced this week that it repaid more than $1 billion to its offshore bondholders in FY 2022-23. The amount repaid includes the most recent amortization of $180 million this month.
“In today’s fast-paced global business environment, firms must be very strategic in financing for the growth initiatives,” said Kedar Upadhye, 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, ReNew 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. Post 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 previously announced the closing of $1 billion in financing for its round-the-clock (RTC) project.
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