The ten-year, rupee-denominated facility is the Dutch development bank’s largest investment in India’s energy sector to date
FMO, the Dutch Entrepreneurial Development Bank, is providing a USD 100 million corporate debt facility to ReNew Solar Power Private Limited, a wholly owned subsidiary of ReNew Energy Global Plc, one of India’s leading Nasdaq-listed decarbonisation solutions companies. Announced on 13 October 2026, the financing will support the expansion of ReNew’s renewable energy portfolio, including solar and hybrid projects across the country. The transaction is FMO’s largest investment in India’s energy sector so far and arrives as developers seek long-term capital to keep pace with rising electricity demand and a fast-growing project pipeline.
Structure of the Facility
The loan carries a ten-year tenor and is denominated in Indian rupees, aligning repayments with the rupee revenues that ReNew’s projects generate and limiting exposure to exchange-rate movements.
Structured as corporate debt rather than project-level finance, the facility gives ReNew flexibility to allocate funds across its pipeline. Proceeds will be deployed towards renewable energy projects currently under construction across the ReNew group. FMO has classified the entire investment as Green, recognising its contribution to climate change mitigation.
A Benchmark for Gender-Inclusive Energy Finance
Alongside its climate objectives, the transaction qualifies under the 2X Challenge, a global initiative that channels investment towards gender equality and women’s economic empowerment. FMO has described it as its largest investment for advancing opportunities for women in Asia’s energy sector.
ReNew meets the 2X criteria through its governance and accountability practices and its target to raise women’s representation in its workforce to at least 30% by 2030, well above the industry average of about 11% cited by FMO. The company also runs mentoring and professional development programmes that support the career progression of women in the renewable energy sector.
Leadership Perspectives
Marnix Monsfort, Director, Energy at FMO, said the bank was pleased to back ReNew’s growth ambitions through the long-tenor, rupee-denominated facility. He noted that the deal reaffirms FMO’s focus on impactful, large-scale investment in India’s energy transition, and demonstrates that commercially sound financing can be delivered while meeting the highest global environmental, social and governance standards.
Kailash Vaswani, Chief Financial Officer, ReNew, called the transaction another milestone in the company’s capital-raising journey and a reflection of the confidence that global development finance institutions place in its business model, execution record and growth strategy. He said the facility provides “flexible, long-tenor growth capital” for the under-construction portfolio while further diversifying ReNew’s funding sources across domestic and international markets.
ReNew’s Portfolio and Manufacturing Base
Founded in 2011, ReNew has been an early adopter of digital technologies to accelerate India’s clean energy transition. It develops, builds, owns and operates utility-scale wind, solar and hydro projects. As of 18 August 2026, its clean energy portfolio stood at 20.5 GW on a gross basis, including 1.7 GW / 6.2 GWh of battery energy storage systems (BESS), which the company describes as one of the largest globally. Its solar and wind assets of around 20 GW, spread across ten states, account for approximately 1.9% of India’s power capacity.
The company has also built a sizeable domestic manufacturing footprint, with 6.4 GW of solar module and 2.5 GW of solar cell capacity. An additional 4 GW of cell capacity is under development and is expected to be operational by December 2026. Beyond generation and manufacturing, ReNew offers digital energy solutions, storage and carbon market services.
FMO’s Expanding Clean Energy Presence in India
FMO invests in sustainable private sector growth across developing countries and emerging markets. The ReNew facility follows closely on another FMO renewable energy commitment with a strong India focus. On 1 October 2026, FMO signed a USD 138 million investment with a dedicated vehicle established by Copenhagen Infrastructure Partners (CIP). Matched by an equivalent equity commitment, the arrangement makes USD 276 million of additional capital available to invest alongside CIP’s Growth Markets Fund II, primarily in India, the Philippines, Vietnam and Mexico, across onshore and offshore wind, solar power and BESS. GMF II recently completed fundraising with approximately USD 3 billion in commitments and had already committed USD 1.6 billion across nine investments at final close.
FMO’s September 2026 transaction overview also records a USD 20 million commitment to a fund that provides growth equity and quasi-equity to Indian mid-market companies operating in climate mitigation and adaptation sectors.
Why It Matters
Long-tenor, local-currency debt is particularly valuable for Indian renewable energy developers, as large solar and hybrid projects require sustained funding through construction and into operation. By pairing a ten-year rupee loan with both Green and 2X classifications, the transaction illustrates how development finance institutions are increasingly linking climate finance with measurable social outcomes in a single instrument.
For ReNew, the facility deepens its relationship with FMO and broadens its funding base at a critical stage of its portfolio build-out. For India’s clean energy sector, it signals sustained appetite among international development lenders for large, rupee-denominated commitments to domestic developers, supporting the capacity additions the country needs to meet its growing power demand and energy transition goals.
Official Sources
- FMO – FMO strengthens India’s renewable energy sector with a USD 100 million investment in ReNew (13 October 2026): https://www.fmo.nl/news-detail/dcbd167a-aaab-44e0-8d53-9c85662896b4/fmo-strengthens-india-s-renewable-energy-sector-with-a-usd-100-million-investment-in-renew
- FMO – FMO and Copenhagen Infrastructure Partners partner to scale renewable energy infrastructure in growth markets (1 October 2026): https://www.fmo.nl/news-detail/46fe997f-cf2a-407a-b6b1-c845a60cfccd/fmo-and-copenhagen-infrastructure-partners-partner-to-scale-renewable-energy-infrastructure-in-growth-markets
- FMO – Monthly Transaction Overview, September 2026 (15 October 2026): https://www.fmo.nl/news-detail/e533de2e-6c68-42a1-bfbf-1e2533bae51a/monthly-transaction-overview-september-2026
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