ReNew raises $600 million bond at 6.5% coupon rate
New Delhi: Nasdaq-listed ReNew Energy Global Plc has raised bonds worth $600 million with a coupon rate of 6.5% for a five-year tenor, two people aware of the development said.
This rate is 1.4% lower than the previous bond issue of $ 525 million, which was raised in 2023 with a three-year maturity.
The bond hike comes after a plan to delist ReNew from Nasdaq collapsed when UAE’s Masdar withdrew a $1 billion cash offer in December and withdrew from a consortium of investors that had offered to take ReNew private.
The renewable energy company has raised debt through its International Financial Services Center at GIFT City in Gujarat.
IFSC debut
“This is the first dollar-denominated bond issuance at IFSC Gift City. The bond issue, which closed on Wednesday, was oversubscribed four times. A large number of global high-quality investors from Asia, the UK and the US participated in the issuance,” said one of the two people mentioned above, on condition of anonymity.
The bond hike also comes at a time when the Indian renewable energy space is facing hurdles such as 43 GW of unsigned power purchase agreements and continued curtailment of power generation in Rajasthan and Gujarat.
Queries sent to ReNew late Thursday evening were not immediately answered.
In December 2024, the Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA) and a consortium of promoters, including founder and CEO Sumant Sinha as well as new investor Masdar, offered to buy the listed shares to take the company private.
CPPIB, ADIA and Sinha together own 64% of the company. Masdar is a UAE government-backed renewable energy company.
Last December, Masdar withdrew from the consortium that was proposing to take ReNew private after the consortium made a final non-binding offer to buy back its shares in October.
The promoters’ consortium had increased the offer price to $8.15 per share, to be paid in cash, from the previous offer of $7.07 per share.
For the quarter ending September (FY26) the company reported total revenue as follows: ₹38,557 million ($434 million), 29% higher than before ₹29,887 million ($337 million) for Q2 FY25.
However, net profit for the quarter under review was 5.3% lower than the previous quarter. ₹4.675 million ($53 million), compared to ₹4,939 million ($56 million) for the second quarter of FY25.
As of September 30, 2025, the company’s portfolio consists of 18.5 GW and 1.1 GWh battery energy storage systems. Additionally, the company has a 6.5 GW solar module production facility and an operational 2.5 GW solar cell production facility. It is also building a 4 GW solar cell manufacturing facility.
In May last year, the company raised $100 million from the UK’s development finance institution British International Investment (BII) to accelerate the growth of its solar energy manufacturing business in India.
Investments and financing in green energy have gained momentum in the last few years, with the government setting a target of 500 GW of non-fossil energy production by 2030.
According to EY, the total investment in the energy transition field in the country during the 2017-2025 period is expected to be around 62 billion dollars.
Additionally, with increasing decarbonization opportunities across sectors and the need to expand transmission capacity to integrate growing green energy supply, Deloitte India has predicted that India’s climate and energy transition will require $1.5 trillion in investment by 2030.
The pace of capacity addition has accelerated significantly, with the government setting a target of tendering 50 GW of renewable energy per year by 2023. India’s total renewable energy capacity is 253.96 GW as of November 2025, and this figure increased to 44.51 GW in 2025.
