Debt

Debt financing

BofA provides Rs 800-Cr loan to ReNew Power

Economic Times  

Bank of America has extended about INR 800 crore to ReNew Power. The five-year rupee-denominated green loan facility will primarily be used to prepay an existing offshore loan. The onshore loan could be priced at a spread of 200-250 basis points over three-month Treasury Bills, which yielded 6.45% in the Reserve Bank of India's latest primary auction. The credit line is linked to two dedicated solar projects in India, cash flows from which will be used to repay the loan. ReNew Power had previously availed of a long-term loan from the US International Development Finance Corporation.