ReNew Energy Global plc announced the refinancing of Non-Convertible Debentures (NCDs) worth INR 23,910 million that were issued by its subsidiaries in October 2020. These NCDs were issued to India Green Energy Holdings, a Mauritius based SPV, which had raised USD 325 Million through senior secured bonds to subscribe to these NCDs. The USD bonds, issued at a coupon of 5.375%, were scheduled to mature in April 2024.

The refinancing was done using proceeds of a long-term amortising project loan, obtained from a leading non-banking financial company (NBFC). India Green Energy has consequently redeemed the USD bonds three months ahead of maturity. This refinancing comes at an interest cost of less than 9% and would reduce the overall borrowing cost on this debt pool by more than 200 basis points.

The move will term out maturity beyond 15 years through structured amortisations. By refinancing and redeeming NCDs and USD bonds ahead of time, ReNew has demonstrated strong and continued access to domestic debt markets, which remain liquid, while reaffirming its ability to proactively manage dollar refinancing risks.