Key Points of ReNew Energy Offshore Pays Back to Bondholders:
- ReNew Energy Global Plc announced on March 28th, 2023 that it has successfully repaid over $1 billion to offshore bondholders in the current fiscal year.
- This repayment includes the most recent amortization of $180 million, which was made earlier this month.
- ReNew Energy Global Plc, which specializes in renewable energy, is a renowned independent power producer (IPP).
- In the last fiscal year, the company managed to refinance $525 million in domestic markets well ahead of the March 2024 maturity deadline.
- ReNew Energy Global Plc also repaid $300 million from its internal cash flow accruals.
- The company has to repay asset-backed bonds worth $325 million in FY2025 after refinancing its debt.
- According to Kedar Upadhye, CFO of ReNew Energy Global Plc, companies need to be strategic in financing growth initiatives in today’s fast-paced global business environment.
- ReNew Energy Global Plc has also added several international banks to its lending roster through its ECB deal.
Details of ReNew Energy Offshore Pays Back to Bondholders:
ReNew Energy Global Plc, a renowned independent power producer (IPP) that specializes in renewable energy, announced on March 28th, 2023 that it has successfully repaid more than $1 billion to its offshore bondholders in the current fiscal year. This repayment includes the most recent amortization of $180 million, which was made earlier this month.
In the last fiscal year, ReNew Energy Global Plc, which is listed on Nasdaq, managed to refinance $525 million in domestic markets, well ahead of the March 2024 maturity deadline. Additionally, the company also repaid $300 million from its internal cash flow accruals.
Moving forward, ReNew Energy Global Plc has to repay asset-backed bonds worth $325 million in FY2025 after refinancing its debt.
According to Kedar Upadhye, the CFO of ReNew, companies need to be strategic in financing growth initiatives in today’s fast-paced global business environment. He went on to say that ReNew Energy Global Plc and India are at the forefront of the global energy transition, and the company has managed to mitigate refinancing risk without affecting its growth capital.
Upadhye further added that these developments are a testament to the company’s strong access to both domestic and international markets, and its strong cash flow profile. ReNew Energy Global Plc has also added several international banks to its lending roster through its ECB deal.
ReNew Power, which is a subsidiary of ReNew Energy Global Plc, was founded in 2011 and has a capacity of 13.64 GW. It is a relatively new player in India’s green energy space, but it has made significant progress in a short span of time.
About ReNew Energy:
With an asset base of more than 10 GW and around 5 GW operational, ReNew is the biggest renewable energy company in India. The company is headquartered in Gurgaon, Haryana.
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