Renew Power raises $352 million

Indian renewable energy project developer and independent power producer Renew Power has raised $352 million to be used for its expansion and loan-payment plans, according to consultancy Mercom Capital Group. The company raised $232 million through a multi-issuer cross-collateralized rupee bond. The bond involved various power Distribution Companies (DISCOMs) of states like Rajasthan, Gujarat, Andhra Pradesh and was spread over eight special purpose vehicles and 12 projects totaling 234 MW of installed capacity, including 60 MW of solar. The remaining $120 million was raised through enhanced Non-Convertible Debentures (NCD). The India Infrastructure Finance Company (IIFC) and the Indian Renewable Energy Development Agency (IREDA) extended a partial credit guarantee for the issue.
According to Mercom India Research, Renew Power has an installed solar capacity of 1,091 MW with another 100 MW under development and wind capacity of 1,260 MW.

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