Fitch rates ReNew Power notes BB-

Fitch Ratings said it assigned a rating of BB- to ReNew Power Private Ltd.’s proposed dollar-denominated senior secured notes.

The proposed notes will be senior secured obligations of the issuer and will have direct security of a 250 MW wind-power operating project directly held by ReNew Power Private Ltd., the holding company, along with a pledge over certain equity shares and preference shares of ReNew Power Services Private Ltd. (a wholly owned subsidiary that holds the assets acquired by ReNew in its acquisition of Ostro Energy in April 2018). The proposed notes also include a $20 million interest service reserve account.

ReNew plans to use the proceeds to mainly refinance borrowings, including trade credit facilities of the hold company, while part of the proceeds about $65 million, will be used for capex of the 250MW project.

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