Gurugram, India (ots/PRNewswire) - * Oversubscribed 1.4X,
highlighting ReNew's strong financial profile
* Consortium of 12 international lenders, including seven
project lenders to ReNew
* Largest renewable project with 1,300-MW capacity; unique project
with Round-the-Clock (RTC) power supply, battery-enabled hybrid
* Single-largest project finance facility for single Indian
renewable energy project at highly competitive pricing
ReNew Energy Global plc ("ReNew" or "the Company") (NASDAQ: RNW)
(NASDAQ: RNWWW), India's leading clean energy company, today
announced that it has tied up with 12 international lenders, led by
Rabobank, for the largest External Commercial Borrowings (ECB)
project finance loan in the country's renewable sector, for any
As ReNew rapidly builds its total portfolio, this US$ 1-billion loan
has been tied up through a special purpose vehicle and will be
deployed for its hybrid Round-the-Clock (RTC) battery-enabled
project. The interest rate, after hedging, is expected to be lower
than the Company's current average cost of debt on its balance sheet.
ReNew has signed a PPA with the Solar Energy Corporation of India
(SECI) for this project, which will see wind and solar farms set up
across Karnataka, Rajasthan, and Maharashtra states.
Speaking on the ECB loan, Sumant Sinha, Founder, Chairman and CEO,
ReNew, said: "This loan—the single-largest project finance in India's
renewable sector—highlights the interest of global lenders in ReNew
as it helps spearhead India's historic clean energy shift and shows
its continued ability to access financing at much lower rates than
several years ago, despite the current volatility in the currency
markets and a rising interest rate environment.
This also shows the financial community's faith in our growth plans,
innovation, project execution abilities, and sound monetary
management. We will work harder to build on this much-valued trust."
The RTC project will supply power day and night and compete against
the baseload of fossil-fuel energy providers, such as coal.
In April, Mitsui & Co., Ltd. ("Mitsui", 8031.T-JP: Tokyo Stock
Exchange), a leading global general trading and investment firm,
partnered with ReNew for this RTC project where it took a 49% stake.
The project will provide power to SECI at the rate of ₹2.90 per unit
to begin with, which will increase 3% annually for 15 years and then
stabilise for the remaining 10 years of the 25-year PPA.
This ECB loan follows ReNew's refinancing last month of its
dollar-denominated bonds with domestic borrowings, becoming the first
Indian renewable company to do so.
ReNew Power is one of the largest renewable energy Independent Power
Producers in India and globally. ReNew develops, builds, owns, and
operates utility-scale wind and solar energy projects, as well as
hydro. ReNew has a gross total portfolio of ~12.8 GW of renewable
energy projects across India. To know more, visit
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Digital press kit: http://www.ots.at/pressemappe/PR161547/aom
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