Indian renewable energy generation company Renew Power has mandated Barclays, Goldman Sachs, HSBC, JP Morgan and Yes Bank as joint bookrunners for investor meetings and calls in Hong Kong, Singapore, London and the US from February 25.
A 144A/Reg S offering of US dollar senior secured Green bonds may follow, subject to market conditions.
A restricted group consisting of certain subsidiaries of Renew Power will issue the bonds, which have expected ratings of BB-/BB (S&P/Fitch).
In February 2017, Neerg Energy, a Mauritius-based entity held by a trust unrelated to Renew, sold US$475m of senior secured bonds and then used the proceeds to subscribe to offshore rupee bonds sold by ReNew Power Ventures.
A source close to the deal said that Renew could raise dollars directly now, following changes to the Reserve Bank of India’s rules on external commercial borrowings.
Source: Nasdaq