One of India’s leading independent power producers in the renewable energy sector — ReNew Power Ventures Limited — raised funds after issuing green bonds.
According to a press release issued by ReNew Power Ventures, non-convertible debentures worth Rs 500 crore (US$74 million) were issued to investors. The bonds issue has been certified by the Climate Bonds Initiative.
The funds raised through the green bonds will be used exclusively for setting up two wind energy projects in the state of Madhya Pradesh.
ReNew Power Ventures is among the largest renewable energy IPPs in India. The company claimed to be the first renewable energy developer in India to achieve 1 GW of operational assets. The company has seen several fund raising rounds over the last few years as it looks to develop 6.5 GW of solar power and 5 GW of wind energy capacity over the next 4-5 years.
The company may also be planning to raise funds through an initial public offer (IPO). According to media reports, the offer size may be around $100-150 million.
ReNew Power has so far attracted equity investments worth $650 million from the likes of Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank, and Global Environment Fund. These investments helped the company establish 29 wind and solar power projects across 9 states in India.