ReNew Energy Global PLC is preparing to raise more than USD 500 million through a dollar-denominated bond issue to refinance a significant portion of its upcoming debt maturities, according to people familiar with the matter. The planned issuance comes as the Gurugram-based renewable energy company faces cumulative debt maturities of over USD 1.5 billion over the next 12 months across multiple borrowing lines, according to a Fitch Ratings note dated 21 November. This includes USD 525 million of notes issued by ReNew’s Mauritius-based subsidiary, Diamond II, which are due to mature in July 2026. The company currently holds around USD 800 million in cash and cash equivalents. HSBC has been appointed as the merchant banker for the proposed bond issue, which is expected to be launched in January 2026. ReNew and HSBC did not respond to queries on the matter. Fitch said ReNew is likely to generate negative free cash flow in the near to medium term due to continued capacity expansion. However, this is expected to be offset by the company’s approach of funding the equity portion of its capital expenditure through capital recycling, internal accruals and continued access to domestic and offshore debt markets. The rating agency expects ReNew’s capital expenditure to average around Rs 75 billion annually between FY26 and FY28, compared with about Rs 94 billion in FY25. Capex intensity, measured as long-term asset investment relative to revenue, is projected to fall below 50 per cent in FY26 and remain at that level, down sharply from around 95 per cent in FY25. ReNew’s net debt-to-EBITDA ratio is also expected to decline to below 7x in the medium term from about 8.5x in FY25. Fitch attributed the moderation in capex intensity to the commissioning of several large projects in recent quarters, as well as a slowdown in new capacity additions due to constraints in national grid expansion. Listed on Nasdaq, ReNew operates 11.6 GW of renewable assets, making it India’s second-largest renewable energy producer after Adani Green Energy, which has 16.7 GW in operation. ReNew’s solar, wind and hybrid portfolio accounts for about 6 per cent of India’s installed solar and wind capacity. The company also has 150 MWh of battery energy storage in operation, with another 6.9 GW of renewable capacity and 950 MWh of storage under development. The company has expanded into solar manufacturing, operating 6.5 GW of solar module capacity and 2.5 GW of solar cell capacity, while building an additional 4 GW solar cell facility at Dholera in Gujarat. In May, ReNew raised USD 100 million from British International Investment to fund the project. Fitch has assigned a BB- rating with a stable outlook to ReNew Energy Global PLC and its Indian arm, ReNew Private Ltd, placing them three notches below investment grade and India’s sovereign rating of BBB-. The rating is broadly in line with peers such as Greenko Energy Holdings, rated BB with a negative outlook, and Continuum Green Energy Holdings, rated B+ with a stable outlook.