ReNew Energy Global plc (RNW) has experienced a decrease of 7.74% in premarket. However, the last trading session concluded at $6.72 with a decrease of 2.18%.
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Issuance of Green Bonds – What is it?
RNW reported on 7th January 2022 that its wholly-owned subsidiary i.e., India Clean Energy Holdings has raised $400 million. Climate Bond Initiative has recognized the dollar notes as green bonds, and they will be listed on the Singapore Exchange (SGX). Moreover, the tenor of these Green Bonds is 5.25 years.
About 40% of the notes were subscribed to by investors from the United States and Asia, with the other 40% by investors from Europe, the Middle East, and Africa. The fund managers and pension funds bought the majority of the notes. So far, the Company has raised more than US$3.5 billion through its subsidiaries in eight such issuances.
What’s Next?
This offering will go a long way towards helping the company to accomplish its ambitious growth ambitions and lower the cost of capital, which is in line with the rapid expansion plans to drive the India Clean energy holdings revolution. In addition, the company will keep looking for ways to raise money in order to refine the existing debt with lower-cost fixed-rate green bonds.
Operating Renewable Energy Capacity – What’s up?
On 21st December 2021, RNW reported that the 300 MW SECI-6 solar project has been commissioned, bringing the company’s total operating capacity to 7.4 GW. Despite hurdles such as COVID-19 and supply chain interruptions, this fiscal year has seen a record installation of 1.5 GW of renewable energy installations. Moreover, the company is on target to fulfill its operating capacity objective of 8.2 GW by the end of FY22.
Furthermore, ReNew concluded FY21 with a total operational capacity of 5.6 GW. The majority of ReNew’s organic capacity development, which propelled it above the 7 GW threshold, took place in Rajasthan and Gujarat. Lastly, more than 1.3 GW of utility-scale solar projects is included in the 1.5 GW capacity boost for the current fiscal year.
So what?
India Clean Energy Holdings’ development into a renewable energy leader continues to be driven by ReNew. The company is on target to meet the aspirational goal of 18 GW by FY25. This is possible because of a large organic addition of 1.5 GW of renewable energy projects this fiscal year. In addition, the company will step up its efforts to assist India Clean Energy Holdings in attaining its climate targets, which include fulfilling half of its energy needs with renewables and developing green hydrogen.
