New Delhi: Nasdaq-listed ReNew Energy Global Plc has raised $600 million worth of bonds at a coupon rate of 6.5% for a tenure of five years, two people aware of the development said.
The rate is 1.4% lower than its previous bond issue of $525 million which it had raised in 2023 for a tenure of three years.
The bond raise comes in the backdrop of ReNew's delisting plan from Nasdaq collapsing with UAE’s Masdar withdrawing its $1 billion cash offer in December and pulling out of the investor consortium that had proposed to take ReNew private.
The renewable energy company has raised the debt through the International Financial Services Centre at GIFT City, Gujarat.
IFSC debut
“This is the first dollar-denominated bond issue carried out at IFSC, Gift City. The bond issue, which closed on Wednesday, was oversubscribed four times. Several global high quality investors from Asia, the UK and the US participated in the issue,” one of the two people mentioned above said on the condition of anonymity.
The bond raise also comes at a time when the Indian renewable energy space has been facing obstacles including 43 GW of unsigned power purchase agreements and persistent curtailment of power generation in Rajasthan and Gujarat.
Queries mailed to ReNew late on Thursday evening were not immediately answered.
In December 2024, the promoters’ consortium including the Canada Pension Plan Investment Board (CPPIB), the Abu Dhabi Investment Authority (ADIA) and founder and CEO Sumant Sinha, along with new investor Masdar, proposed to buy out 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 pulled out of the consortium that had proposed to take ReNew private after the consortium had in October made a final non-binding offer to buy back its shares.
The promoters’ consortium had increased its offer price to $8.15 per share, payable in cash from the previous offer of $7.07 per share.
For the quarter-ended September (Q2 FY26), the company reported a total income of ₹38,557 million ($ 434 million), 29% higher than ₹29,887 million ($337 million) for Q2 FY25.
Net profit for the quarter under review, however, was 5.3% lower at ₹4,675 million ($53 million), compared to ₹4,939 million ($56 million) for the corresponding quarter of Q2 FY25.
As of 30 September 2025, the company’s portfolio consisted of 18.5 GW along with 1.1 GWh of battery energy storage systems. Further the company has 6.5 GW solar module manufacturing facilities and an operational 2.5 GW solar cell manufacturing facility. It is also building a 4 GW solar cell manufacturing facility.
In May last year, the company raised $100 million from British International Investment (BII), the UK’s development finance institution, to accelerate the growth of its solar manufacturing business in India.
Investments and financing in the green energy space have gained momentum in the past few years with the government setting a target of 500 GW of non-fossil power generation by 2030.
According to EY, the total investment in the energy transition space in the country during 2017-2025 is projected at around $62 billion.
Further, with growing decarbonization opportunities across sectors and the need to expand the transmission capacity to integrate the growing green power supply, Deloitte India has projected that India’s climate and energy transition space would require $1.5 trillion investment by 2030.
With the government setting a target to auction 50 GW of renewable power annually in 2023, the pace of capacity addition has picked up significantly. As of November 2025, India's total renewable energy capacity stood at 253.96 GW, with an addition of 44.51 GW in 2025.