ÌÇÐÄÊÓƵ

Download the Full Report to Gain:

Insights into ReNew Power: New 5NC3 Green $ Bond, including:

• Fair Value and Pricing Outlook: Explore ÌÇÐÄÊÓƵ’ comprehensive analysis establishing a 6.44% fair value for the ReNew Power Green Bond, with expectations for final pricing at 6.425%—45 bp tighter than the 6.875% IPT—offering a high-coupon entry point in a rare S&SEA HY issuance.
• Strengthened Bond Structure: Discover how this 5NC3 senior secured green bond differentiates itself through dual guarantees from intermediate holdco ReNew and ultimate holdco REGP, along with robust security coverage ratio covenants (total ≥1.0x, project ≥0.5x) protecting investor interests.
• Strategic Refinancing Profile: Learn how ReNew Power is deploying $525mn in proceeds to refinance its July 2026 Diamond II bonds, optimizing its debt maturity schedule while reserving residual funds for green project financing and debt repayment across subsidiaries.
• Rigorous Peer Comparison Analysis: See how ReNew Power’s scale advantages—11,423 MW operational capacity and INR 82bn EBITDA—stack up against Continuum (2,397 MW) and Greenko (6,660 MW), with detailed spread adjustments for bond structure, leverage (8.7x vs. peers’ 10.3x-13.8x), and business diversification.
• Investment Decision Framework: While the issuer presents certain fundamental risks that warrant careful consideration, the bond may still appeal to investors seeking high‑coupon green instruments from an established Indian renewable energy producer. The company benefits from strong institutional backing, notably from CPPIB (53.4%) and ADIA (15%), which provides an additional layer of credibility and financial support.