Standard Chartered arranges USD 730 million refinancing for ReNew RTC project
Standard Chartered has arranged a USD 730 million External Commercial Borrowing (ECB) facility to refinance ReNew Surya Roshni Private Limited, the owner of India’s first Round-the-Clock (RTC) renewable energy project.
The refinancing comprises USD- and JPY-denominated tranches and was provided by a syndicate of 12 international banks. Standard Chartered acted as Structuring Bank, Original Mandated Lead Arranger and Bookrunner (OMLAB), Green Loan Coordinator and Hedge Bank for the transaction.
Project
ReNew Surya Roshni has developed 1,138.6 MW of installed renewable energy capacity, comprising 738.6 MW of wind, 400 MW of solar PV and a 92 MWh Battery Energy Storage System (BESS) across Karnataka, Rajasthan and Maharashtra.
The project is backed by a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI), enabling it to supply renewable power on a round-the-clock basis. The project supports India’s energy transition and grid decarbonisation objectives by combining wind, solar and battery storage to provide continuous renewable electricity.
Financing
The refinancing was structured through an ECB project financing facility with both USD- and JPY-denominated tranches. The funding was provided by a consortium of 12 international banks, with Standard Chartered leading the transaction in multiple roles, including Structuring Bank, OMLAB, Green Loan Coordinator and Hedge Bank.Â
Commenting on the transaction, Virendra Dhir, Regional Head, Loan Syndication, South Asia, Standard Chartered, said:
“India continues to be a key infrastructure financing market for Standard Chartered. This refinancing of India’s first RTC renewable energy project highlights our ability to structure and syndicate complex cross-border financing solutions, while mobilising international liquidity to support large-scale sustainable infrastructure.”
Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, South Asia, Standard Chartered, added:
“Round-the-Clock renewable energy projects represent an important evolution in India’s clean energy ecosystem by enhancing reliability and dispatchability of renewable power. We are delighted to support ReNew through this landmark refinancing, which demonstrates the growing maturity of India’s renewable energy sector and the increasing sophistication of sustainable infrastructure financing.”
The featured photograph is for representation only.
