NewsOrders & DealsReNew Energy Global raises $600 million bond at 6.5% coupon rate through GIFT City IFSCReNew Energy Global raises $600 million bond at 6.5% coupon rate through GIFT City IFSC
ReNew Energy Global raised $600 million through dollar-denominated bonds at 6.5% coupon rate for five years, marking the first such issue at GIFT City IFSC. The oversubscribed issue attracted global investors and came at 1.4% lower rate than the company's previous 2023 bond issue. The fundraising follows the collapse of ReNew's delisting plan after Masdar withdrew its $1 billion offer in December.
*this image is generated using AI for illustrative purposes only.
Nasdaq-listed ReNew Energy Global Plc has successfully raised $600 million through dollar-denominated bonds at a 6.5% coupon rate for a five-year tenure, marking a significant milestone as the first such issue at the International Financial Services Centre in GIFT City, Gujarat. The bond issue was oversubscribed four times, attracting participation from global high-quality investors across Asia, the UK, and the US.
Improved Financing Terms
The latest bond issue demonstrates ReNew's improved market position, with the company securing financing at more favorable terms compared to its previous fundraising efforts.
| Parameter: | Current Issue | Previous Issue (2023) |
|---|---|---|
| Bond Value: | $600 million | $525 million |
| Coupon Rate: | 6.5% | 7.9% |
| Tenure: | 5 years | 3 years |
| Rate Improvement: | 1.4% lower | - |
GIFT City IFSC Debut
This bond issuance represents a landmark transaction for India's financial infrastructure, being the first dollar-denominated bond issue carried out at the International Financial Services Centre in GIFT City. The successful closure on Wednesday demonstrates the growing appeal of India's financial centers for international capital raising activities.
Corporate Developments and Delisting Update
The bond raise comes in the backdrop of ReNew's collapsed delisting plan from Nasdaq. UAE's Masdar withdrew its $1 billion cash offer in December, pulling out of the investor consortium that had proposed to take ReNew private. The promoters' consortium, including Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA), and founder-CEO Sumant Sinha, had increased their offer price to $8.15 per share from the previous $7.07 per share. CPPIB, ADIA, and Sinha together own 64% of the company.
Financial Performance
ReNew reported mixed results for the quarter ended September (Q2 FY26), showing strong revenue growth but declining profitability.
| Financial Metric: | Q2 FY26 | Q2 FY25 | Change |
|---|---|---|---|
| Total Income: | ₹38,557 million ($434 million) | ₹29,887 million ($337 million) | +29% |
| Net Profit: | ₹4,675 million ($53 million) | ₹4,939 million ($56 million) | -5.3% |
Business Portfolio and Manufacturing Capacity
As of September 30, 2025, ReNew's operational portfolio demonstrates significant scale across renewable energy generation and manufacturing:
| Business Segment: | Capacity |
|---|---|
| Total Portfolio: | 18.5 GW |
| Battery Energy Storage: | 1.1 GWh |
| Solar Module Manufacturing: | 6.5 GW |
| Operational Solar Cell Manufacturing: | 2.5 GW |
| Under Construction Solar Cell Manufacturing: | 4 GW |
In May, the company raised $100 million from British International Investment (BII), the UK's development finance institution, to accelerate growth of its solar manufacturing business in India.
Industry Context and Investment Outlook
The renewable energy sector faces challenges including 43 GW of unsigned power purchase agreements and persistent curtailment of power generation in Rajasthan and Gujarat. Despite these obstacles, the sector continues to attract significant investment driven by India's ambitious renewable energy targets.
Investments and financing in the green energy space have gained momentum with the government setting a target of 500 GW of non-fossil power generation by 2030. According to EY, total investment in the energy transition space during 2017-2025 is projected at around $62 billion. Deloitte India projects that India's climate and energy transition space would require $1.5 trillion investment by 2030.
As of November 2025, India's total renewable energy capacity stood at 253.96 GW, with an addition of 44.51 GW in 2025, reflecting the accelerated pace of capacity addition following the government's target to auction 50 GW of renewable power annually.
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