(Bloomberg) — Renew Energy Global Plc is set to secure an about $800 million foreign-currency loan, according to people familiar with the matter, in what would be India’s largest offshore financing so far this year.
Standard Chartered Bank Plc and Societe Generale SA are underwriting the loan, the proceeds of which will be used to refinance debt tied to an operational hybrid power project, the people said, asking not to be identified because details are private.
The five-year facility will be priced at about 185 basis points over the benchmark Secured Overnight Financing Rate, the people said. Final terms may change.
The loan would be among India’s largest refinancing deals this year, underscoring lender appetite for clean energy assets despite geopolitical uncertainty. Local firms have raised $1.8 billion in foreign-currency loans so far in 2026, led by Adani Energy Solutions Ltd.’s $750 million borrowing, according to data compiled by Bloomberg. That follows $27.3 billion raised last year, the most since 2007.
ReNew had a clean energy portfolio of 19.2 gigawatt on a gross basis as of February, according to the company website.
Spokespersons for ReNew Energy and Societe Generale did not immediately respond to emails seeking comment. A representative for Standard Chartered declined to comment.
India’s installed clean-energy capacity — including nuclear power — reached 275.5 gigawatts in February, according to data provided by the Ministry of New and Renewable Energy. Solar led the mix with 143.6 gigawatts, followed by wind’s 55 gigawatts.
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