ReNew and Mitsui have put in place debt financing for a 320-megawatt “round the clock” hybrid renewable facility in India, the first such project in India.

A syndicate of 12 banks participated in the US dollar/Japanese yen equivalent of a US$730 million green loan financing, led by Standard Chartered Bank, Société Générale ( GIFT City Gujarat ), Sumitomo Mitsui Banking Corporation ( Singapore ) and Bank of America. Norton Rose Fulbright advised the lenders.

The financing will be used to refinance the project’s existing senior debt and meet other project costs and capital expenditure requirements.

The project, located across the states of Rajasthan, Maharashtra and Karnataka, combines wind, solar and battery storage to deliver firm, dispatchable renewable power. It will provide a stable supply of 400 megawatts of electricity based on a long-term power purchase agreement with Solar Energy Corporation of India.

“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,” says Singapore-based Norton Rose partner Ben Carrozzi.

 “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.”

ReNew Power is the country's largest renewable energy operator.