India-based ReNew Power refinanced its $525mn 6.67% 2024 notes with an Indian rupee debt issuance. With the refinancing in place, ReNew Power said that it achieved a net cost-savings of 200bp and the debt maturity being extended to 2027 with the local bond issuance. Previously, the renewables company said that it expected $10mn in annual savings on interest costs upon conditional redemption of the above dollar bond. Accelerated INR depreciation and higher interest rates have made it hard for Indian corporates to access dollar debt markets in recent times. The company said that the ‘pre-emptive refinancing’ mitigates near-term refinancing risk for bonds and provides liquidity to bond investors. It added, that it was the “first Indian renewable energy to raise money onshore to retire US dollar bond obligations”.

ReNew Power’s dollar bonds were trading flat with its 4.5% 2028s at 78.88 yielding 9.16%.

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