Transaction Overview
ReNew (Nasdaq: RNW) and joint venture partner Mitsui & Co. have finalized a US$730 million green loan refinancing for India’s first 320 MW Round-the-Clock (RTC) Hybrid Renewable Energy Project. The transaction represents a significant milestone in the scaling of integrated renewable solutions, utilizing international offshore liquidity to optimize the capital structure of a high-performance utility asset. The project is designed to provide firm, dispatchable power to the Indian grid, addressing the intermittency challenges traditionally associated with renewable generation.
Financing Structure and Banking Syndicate
The transaction was executed through a consortium of 12 international financial institutions, underscoring the deep liquidity available for integrated green energy projects in the Indian market. The refinancing was structured as a multi-currency foreign currency loan.
A pivotal element of the transaction is the leadership of Société Générale, which participated via its recently inaugurated branch in Gujarat International Finance Tec-City (GIFT City). This transaction serves as a flagship deal for Société Générale’s GIFT City unit, which launched in September 2025 to reinforce the bank’s commitment to supporting India’s target of 500 GW of renewable energy capacity by 2030.
Bank Roles and Participation
| Financial Institution | Specific Transaction Role |
| Société Générale (GIFT City) | Structuring Bank, Original Mandated Lead Arranger, Bookrunner, and Green Loan Coordinator |
| Standard Chartered Bank | Co-Lead Bank |
| Sumitomo Mitsui Banking Corporation (SMBC) Singapore | Co-Lead Bank |
| Bank of America | Co-Lead Bank |
International law firm Norton Rose Fulbright provided legal counsel to the lender group. The advisory was led by a Singapore-based team including Partner Ben Carrozzi, Counsel Selene Tan, Special Counsel Sunny Jong, Associate Alden Tan, and Trainee Solicitor Uma Suri.
Project Technical and Geographic Specifications
The refinancing covers a 320 MW hybrid renewable asset that fulfills a 400 MW RTC power purchase agreement won by ReNew from the Solar Energy Corporation of India (SECI). The project is Inter-State Transmission System (ISTS) connected, a critical feature for large-scale grid integration and energy wheeling across state lines.
Hybrid Configuration To ensure consistent energy delivery and mitigate intra-day variations, the project utilizes a diversified technology stack:
- Wind Power: Utility-scale wind generation.
- Solar Power: Utility-scale solar photovoltaic systems.
- Battery Energy Storage Systems (BESS): A 100 MWh storage component coupled with the renewable generation to provide the necessary flexibility for firm power delivery.
Operational Capacity The facility is distinguished by its high Capacity Utilization Factor (CUF), offering a power profile near-comparable to conventional baseload sources. It is compliant with energy terms requiring an 80% annual and 70% monthly CUF. Notably, the hybrid configuration is capable of achieving nearly 100% CUF during the peak wind months of May through August.
Geographic Footprint The project assets are strategically distributed across three Indian states to leverage diverse resource availability:
- Rajasthan
- Maharashtra
- Karnataka
Capital Utilization The US$730 million green loan proceeds are earmarked for:
- Refinancing the project’s existing senior debt.
- Meeting ongoing project costs and essential capital expenditure (CAPEX) requirements.
Background Context This transaction builds upon the 2022 collaboration between ReNew and Mitsui & Co., when the Japanese trading firm first invested in the project. The successful refinancing of this first-of-its-kind asset underscores the evolving maturity of financing structures for hybrid renewable projects in the Asia Pacific region.
Official Sources
- ReNew – Energy and Battery Storage Solutions
- Solar Energy Corporation of India Limited (SECI) – Hybrid & ESS
- Crédit Agricole CIB – Largest Single Project Financing Facility in India to Power its First Round-the-Clock Renewable Energy Programme
- Societe Generale – Societe Generale Expands in India with Launch of GIFT City Branch
- ReNew – Q4 FY 22 Earnings Review
- EY & HSBC (supported by Department of Economic Affairs) – The GIFT City Advantage
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