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ReNew Energy Raises USD 600 Million via 6.5 Percent Green Bonds from GIFT City

ReNew Energy has raised USD 600 million through oversubscribed 6.5 percent green bonds from GIFT City, refinancing 2026 debt, cutting costs, and extending maturity to 2031.

January 28, 2026. By EI News Network

ReNew Energy Global Plc has raised USD 600 million through an oversubscribed issue of 6.5 percent senior secured green bonds maturing in 2031. The bonds were issued on January 22, 2026, through its GIFT City-based subsidiary, ReNew Treasury IFSC Pvt. Ltd., a wholly owned unit of ReNew Pvt.Ltd.

The bonds are guaranteed by ReNew and ReNew Pvt. Ltd. and are backed by a security and collateral package similar to the company’s 7.95 percent senior secured green bonds due in 2026, which were issued in April 2023 through its subsidiary Diamond II Ltd., with partial asset security of 0.5 times and total security cover of 1.0 time.

ReNew said that the green bonds were issued through a private placement to non-US investors in offshore markets under Regulation S of the US Securities Act. The bonds cannot be freely traded and may only be sold in transactions that are exempt from registration under US and other securities laws.

The bond issue drew strong interest from institutional investors in Asia, the UK and the US. At its peak, the offer was oversubscribed about 3.5 times, with total investor demand crossing USD 2 billion. This led to a tightening of 37.5 basis points from the initial price guidance.

The transaction marks the first international bond issuance by a GIFT City-based issuer. The bonds were issued under ReNew’s Green Financing Framework and received a Second Party Opinion from external consultant DNV. The funds will mainly be used to redeem USD 525 million of the company’s 7.95 percent green bonds due in 2026, making the deal debt-neutral while lowering the interest rate to 6.5 percent and extending the maturity to 2031. The bonds are expected to be rated Ba3 by Moody’s and BB- by Fitch.

ReNew said that the issue highlights its diversified funding strategy and access to global capital markets. Group Chief Financial Officer Kailash Vaswani said that the GIFT City issuance reflects strong international investor confidence in the company’s credit profile and green credentials, and will help improve funding flexibility and reduce long-term borrowing costs.

The company added that the details of the bond issue have been included in its latest filing with the US Securities and Exchange Commission as part of its registration statement.

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