ReNew Power said the 4.51bn rupee ($68m) bond issue, the first to be partially guaranteed by the state-run India Infrastructure Finance Company (IIFC), “opens up the bond market for renewable energy projects”.
The company, whose backers include US investment giant Goldman Sachs, will use the funds to refinance an 85MW wind project in Maharashtra.
India’s power sector needs to raise huge levels of finance to support its government’s ambitions to have 100GW of solar and 60GW of wind power in place by 2022.
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