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Indian renewable energy developer ReNew Energy Global declared that its wholly-owned subsidiary, India Clean Energy Holdings, has raised $400 million at 4.5% by releasing senior secured dollar notes. Climate Bonds Initiative authorised the dollar notes as green bonds, and the bonds would be registered on the Singapore Exchange. The dollar notes have a tenor of 5.25 years. Green bonds are financial instruments developed to raise money for climate and sustainability-related projects and activities. The firm's subsidiary would use the amount raised via bonds to refinance its current high-cost debt and fund capital expenditure in renewable energy assets or other purposes authorised by law. Investors from the United States and Asia subscribed to these notes at approximately 40% each, and Europe, Middle East, and Africa (EMEA)-based investors subscribed to the remaining notes. Long-only fund and Pension funds managers subscribed to the bulk of notes. The renewable energy developer, via its subsidiaries, has raised about $3.5 billion across eight green bond issuances to date, of which seven are excellent. Kailash Vaswani, President 鈥� Corporate Finance, ReNew Energy Global, told the media that they would continue to seek fundraising opportunities to refinance their current debts with lower-cost fixed-rate green bonds. In February 2021, Renew Power inked a deal for a business combination with RMG Acquisition Corporation II, a special purpose acquisition company (SPAC), leading to ReNew Power becoming a public firm. Image Source Also read: Vector Green Energy to raise around $169 mn through green bonds