ReNew-Mitsui RTC project secures US$730 million green loan refinancing
A 320 MW round-the-clock (RTC) hybrid renewable energy project developed by ReNew and Mitsui in India has secured refinancing through a US$730 million green loan from a consortium of 12 banks.
The financing will be used to refinance the project’s existing senior debt and fund other project-related costs and capital expenditure requirements.
International law firm Norton Rose Fulbright, which advised the lender consortium on the transaction, said the financing was led by Standard Chartered Bank, Société Générale (GIFT City), Sumitomo Mitsui Banking Corporation (Singapore), and Bank of America.
Project profile
The RTC project is spread across Rajasthan, Maharashtra and Karnataka and combines wind, solar and battery energy storage assets to provide firm and dispatchable renewable power.
Hybrid RTC projects are increasingly being deployed in India to address intermittency challenges associated with renewable energy by combining multiple generation sources with storage systems.
Financing structure
According to Norton Rose Fulbright, the lender consortium comprises 12 banks, reflecting growing participation by international financial institutions in India’s renewable energy sector.
The firm’s Singapore team advising the lenders was led by Partner Ben Carrozzi and included counsel Selene Tan, special counsel Sunny Jong, associate Alden Tan and trainee solicitor Uma Suri.
Management comment
Commenting on the transaction, Ben Carrozzi said: “India continues to lead the region’s energy transition. Against an increasingly favourable regulatory backdrop for financial markets, this transaction underscores the growing role of international capital in scaling integrated, round-the-clock renewable power solutions. As financing structures evolve and offshore liquidity deepens, hybrid projects will be key to delivering firm power, alleviating grid constraints and supporting emerging demand from corporate offtake, green fuels and digital infrastructure.”
Norton Rose Fulbright stated that it advises clients across the renewable energy sector and has been involved in renewable energy projects across multiple jurisdictions, including projects involving new technologies in the Asia Pacific region.
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