ReNew Power plans to raise $575 million in green bonds this year

Such fundraising by Indian companies has hit close to $5 billion in 2021 so far

ReNew Power is raising $575 million in green bonds, taking the issues of such instruments and loans by Indian companies so far this calendar year to over $5 billion.  

Unlike the last issue in early February, when the company raised $460 million through an “orphan subsidiary” model, which enables a foreign portfolio investor (FPI) to raise the money to invest rupee resources, this time the company is using five-six of its direct subsidiaries to raise the fund.

The tenure of the fund is a little unusual — 7.25 years, sources close to the deal said. The issue, though, is that there is