ReNew lines up $500-million dollar bond issue

ReNew Energy Global Plc is looking to raise dollar-denominated bonds through the International Financial Services Centre at GIFT City, according to people familiar with the matter. This will be among the bigger offshore fundraisings – in the vicinity of $500 million - routed via the hub.

Proceeds from the issuance will be used for on-lending to entities within the ReNew group, repayment of existing debt including about $525 million falling due in July this year, on-lending to certain restricted group entities, and other purposes permitted under applicable law, the people said.

Barclays, BNP Paribas, Deutsche Bank, HSBC, JPMorgan, MUFG and Standard Chartered Bank are acting as joint global coordinators and joint bookrunners on the transaction. Stanc, DB,HSBC declined to comment while other banks and the company didn't respond ET's request for comments until the publication of this report.


The notes are being issued by ReNew Treasury IFSC Private Ltd, a wholly owned subsidiary of ReNew Private Ltd, and are guaranteed by ReNew Private. The bonds are structured as fixed-rate senior secured green notes with a five-year tenor, paying a semi-annual coupon.

The offering is being marketed under Rule 144A and Regulation S, making it accessible to both US and offshore institutional investors. The expected issue ratings are BB- from Fitch Ratings.

The fundraising comes as ReNew continues to scale its renewable energy platform in India, where it has built a diversified clean energy portfolio over the past 15 years.

ReNew has a total portfolio of 18.9 gigawatts, spanning utility-scale solar, wind, hydroelectric power, commercial and industrial renewable solutions, and a rapidly expanding battery energy storage business, according to company materials shared with investors. As of FY25, ReNew has a gross capacity of 18.5 GW and an operating capacity of over 11 GW, generating 22,185 GWh of clean energy. The total pipeline capacity for ReNew is 25+ GW of renewable energy.

The deal adds to a growing pipeline of green and sustainability-linked bond issuances from renewable energy companies tapping global investors amid rising capital needs for expansion and refinancing.

India is targeting to expand clean power capacity to 500 GW by 2030 and reduce dependence on fossil fuels and net zero nu 2070. Developers have increasingly turned to offshore bond markets and GIFT City structures to diversify funding sources and extend debt maturities.