ReNew Power successfully prices $585 Million of U.S. Dollar-Denominated "Green Bonds"

Rhea-AI Summary

ReNew Power has successfully priced $585 million of 4.5% U.S. dollar-denominated green bonds set to mature in 2028. The bonds were priced on March 31, 2021, and the proceeds will primarily be used to repay outstanding debt. With a tenor of 7.25 years and a fixed interest rate, these bonds will be listed on the India International Exchange (IFSC). ReNew Power is India's leading renewable energy company with nearly 10 GW of operational capacity across wind and solar energy projects as of December 31, 2020.

Positive

• Successfully priced $585 million of green bonds at a 4.5% interest rate.
• Proceeds intended for debt repayment, potentially strengthening financial position.
• Bonds to be listed on India International Exchange, increasing accessibility for investors.

Negative

• Potential risks associated with forward-looking statements, including uncertainties in future performance.

GURGAON, India, April 5, 2021 /PRNewswire/ -- ReNew Power Private Limited ("ReNew Power" or the "Company"), India's leading renewable energy company, today announced the successful pricing of $585 million of 4.5% U.S. dollar-denominated senior secured "green bonds" due 2028 on March 31, 2021, to be issued by certain of its subsidiaries. The Company plans to utilize the proceeds to, among others, repay outstanding debt. The bonds have a tenor of 7.25 years and a fixed interest rate of 4.5% per annum. In-principle approval has been obtained for the listing and trading of the bonds on the India International Exchange (IFSC) Limited (the "India INX").

About ReNew Power

ReNew Power Private Limited is India's leading renewable energy independent power producer ("IPP") by capacity and is the 13^th largest global renewable IPP by operational capacity. ReNew Power develops, builds, owns and operates utility-scale wind energy projects, utility-scale solar energy projects, utility-scale firm power projects and distributed solar energy projects. As of December 31, 2020, ReNew Power had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects. ReNew Power has a strong track record of organic and inorganic growth. ReNew Power's current group of stockholders contains several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA.

For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power

Note:

This press release is not an offer of securities for sale in the United States or any other jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act") or any state securities laws of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements under the Securities Act and applicable state securities laws of the United States. No public offering of the securities has been or will be made in the United States or any other jurisdiction.

The India INX has not approved or verified the contents of this press release.

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, including statements regarding the offering and the anticipated use of the net proceeds therefrom. These forward-looking statements represent the Company's expectations or beliefs concerning future events, and the results expressed or implied in this press release might not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside the Company's control, which could cause actual results to differ materially from the results express or implied in the forward-looking statements.

These forward-looking statements speaks only as of the date on which they are made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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SOURCE ReNew Power Private Limited

FAQ

What are the details of ReNew Power's green bonds?

ReNew Power has priced $585 million of 4.5% U.S. dollar-denominated green bonds due in 2028.

When were the green bonds issued by ReNew Power?

The green bonds were priced on March 31, 2021.

What will the proceeds from ReNew Power's green bonds be used for?

The proceeds will primarily be used to repay outstanding debt.

Where will ReNew Power's green bonds be listed?

The bonds will be listed on the India International Exchange (IFSC).

What is ReNew Power's capacity in renewable energy?

As of December 31, 2020, ReNew Power had close to 10 GW of operational capacity.