FMO, the Dutch Entrepreneurial Development Bank, has announced a USD 100 million corporate debt facility for ReNew Solar Power Private Limited, a wholly owned subsidiary of ReNew Energy Global Plc. The financing, denominated in Indian rupees, will support the expansion of ReNew’s renewable energy portfolio, including solar and hybrid power projects across India.
The ten-year financing facility marks FMO’s largest investment in India’s energy sector to date. The investment is expected to provide long-term capital to support ReNew’s ongoing project development and growth plans while contributing to the country’s transition towards cleaner energy sources. FMO has classified 100% of the investment as green, recognising its contribution to climate change mitigation.
Founded in 2011, ReNew is one of India’s leading decarbonisation solutions companies and has played a significant role in the country’s renewable energy development. The company has adopted digital technologies to support the expansion and management of clean energy infrastructure. Its solar and wind projects have a combined capacity of approximately 20 GW across 10 states. According to the company, its installed capacity accounts for around 1.9% of India’s total power capacity.
The financing comes as India continues to expand its renewable energy infrastructure to meet rising electricity demand and advance its energy transition objectives. The long-tenor facility will provide ReNew with funding to support its under-construction portfolio and strengthen its ability to develop additional renewable energy projects.
Beyond climate financing, the transaction also focuses on gender equality and women’s economic empowerment. The investment qualifies under the 2X Challenge, a global initiative designed to increase opportunities for women through investments that support their participation and advancement in economic activities. It represents FMO’s largest investment aimed at advancing opportunities for women in Asia’s energy sector.
ReNew meets the initiative’s criteria through its governance and accountability practices, along with its commitment to increasing women’s participation in its workforce. The company aims to ensure that women account for at least 30% of its workforce by 2030, compared with the current industry average of approximately 11%.
ReNew also supports women’s professional development through mentoring and career advancement programmes. These initiatives are intended to improve representation and create additional opportunities for women in the renewable energy industry.
Marnix Monsfort, Director of Energy at FMO, said the partnership would support ReNew’s growth ambitions while advancing FMO’s commitment to India’s energy transition. He highlighted the long-term, rupee-denominated structure of the financing and its alignment with environmental, social and governance standards.
Kailash Vaswani, Chief Financial Officer of ReNew, said the transaction reflects the confidence of global development finance institutions in the company’s business model, execution capabilities and growth strategy. He added that the financing would provide flexible, long-term growth capital for projects under construction while diversifying the company’s funding sources.
The investment strengthens the financial partnership between FMO and ReNew, combining renewable energy expansion with climate mitigation and gender inclusion objectives.
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