ReNew eyes dollar bond to pay off debt

ReNew Energy Global PLC(REGP) is preparing to tap global debt markets with plans to raise over $500 million through dollardenominated bonds to refinance a large portion of its upcoming maturities, according to two people in the know.

- Neha Chaliawala & Sneha Shah

The move comes as the Gurugram-based renewable energy company faces over $1.5 billion in cumulative debt maturities over the next 12 months across various borrowing lines, as per a 21 November Fitch Ratings note. This includes $525 million notes issued by REGP’s Mauritius-based subsidiary Diamond II, which mature in July 2026. The company has about $800 million of cash and equivalents.

HSBC has been mandated as merchant banker for the proposed bond issue, the people said, requesting anonymity as discussions are private. The dollar bond is likely to be launched in January 2026.

Queries emailed to ReNew and HSBC on Monday did not elicit a response till press time.