Goldman-backed ReNew Power debuts dollar bond

The proceeds will be used to buy the Indian clean energy company's proposed masala bonds.

ReNew Power, an Indian clean energy company majority owned by Goldman Sachs, raised $475 million from its maiden US dollar-denominated bond on Tuesday in a complex deal designed to circumvent central bank restrictions on speculative-grade offshore issuance.

Using special purpose vehicle Neerg Energy, which will invest the funds in ReNew Power's upcoming offshore rupee -- or masala -- debt issue, the green dollar bond was structured to meet Reserve Bank of India guidelines.

Indian corporates are not allowed to finance onshore rupee-denominated debt with offshore dollar debt and three to five-year offshore dollar bonds must have an all-in cost of no more...

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