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<p>ReNew Power, <a href="http://www.ptinews.com/pressrelease/21393_press-subReNew-Power-Offers-Maiden-Green-Issue-of-NCD-s" target="_blank" rel="noopener noreferrer">announced</a> its first public issue of non-convertible debentures (NCDs) with a face value of Rs.1 million (~$14,744) each, aggregating Rs.5 billion (~$73.72 million). Funding raised will be utilized towards the development of wind power projects in the state of Madhya Pradesh.</p>
<p>This is the first certification of an already issued Project Bond by the Climate Bond Initiative (an international, investor focused not-for-profit entity) as Green bonds. Kotak Mahindra Bank is the Lead Arranger for the NCD issue. The issue was opened for subscription on August 01, 2016 and closed on the same day.</p>
<p>An official at ReNew Power said that the funds raised will be used to refinance the debt of wind projects aggregating 90 MW in the Dhar and Ujjain districts of Madhya Pradesh. The official also said that the wind sector will get more competitive after the first ever auction of <a href="https://mercomindia.wpengine.com/?s=SECI+Invites+Tenders+to+Set+Up+1%2C000+MW+of+Interstate+Transmission+System+Connected+Wind+Projects" target="_blank" rel="noopener noreferrer">1,000 MW CTU</a> wind capacity. The green bond mechanism will help ReNew Power to establish itself in the sector.</p>
<p>&#8220;The renewable energy sector currently faces a lot of challenges related to fundraising and Green Bonds are an innovative way to fund projects. This fund offer presents a great opportunity for investors looking to participate in the India&#8217;s renewable energy story,&#8221; commented Mr Kailash Vaswani, Deputy CFO, ReNew Power.</p>
<p>Earlier, Mercom reported <a href="https://mercomindia.wpengine.com/ntpc-lists-green-masala-bonds-worth-rs-20-billion-singapore-stock-exchange/" target="_blank" rel="noopener noreferrer">Rs.20 billion</a> (~$295 million) green masala bonds listing on the Singapore Stock Exchange by the National Thermal Power Corporation to tap into investors that are focusing on environment and climate change.</p>
<p><em>Image credit: ReNew Power</em></p>
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<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/wendyprabhu/" class="vcard author" rel="author"><span class="fn">Wendy Prabhu</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" width="50" /></p>
<p><strong style="text-decoration: underline">Wendy Prabhu,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/wendyprabhu/" target="_blank" rel="noopener">More articles from Wendy Prabhu.</a></p>
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<div class="authorboxn">
<img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" alt="Wendy Prabhu" />Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications.  <a href="https://mercomindia.com/author/wendyprabhu/">More articles from Wendy</a><a href="https://mercomindia.com/author/wprabhu/"> Prabhu.</a></div>
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ReNew Power Raises Rs.5 Billion Through Green Bonds

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