FMO has provided a $100 million corporate loan to ReNew Solar Power Private Limited to expand its renewable energy portfolio
The company currently has 20.5 GW of clean energy capacity across 10 Indian states, alongside 1.7 GW/6.2 GWh of battery storage capacity
Recently, FMO also committed $138 million to a CIP investment vehicle to support renewable energy projects across various markets, including India
FMO, the Dutch entrepreneurial development bank, has made its largest investment in the Indian energy sector to date with a $100 million loan to a wholly owned subsidiary of renewable energy company ReNew Energy Global.
The INR-denominated corporate debt facility will enable ReNew Solar Power Private Limited to expand its renewable energy portfolio, including solar and hybrid projects, across the country to meet India’s growing power demand.
ReNew has a clean energy portfolio of 20.5 GW across 10 Indian states, mainly solar and wind energy, along with 1.7 GW/6.2 GWh of battery energy storage system (BESS) capacity. The company claims that this contributes approximately 1.9% of India’s power capacity (see ReNew Q1 FY27 Profit Rises 16% With Manufacturing Expansion).
The Indian company also operates 6.4 GW of solar module and 2.5 GW of solar cell manufacturing with plans to expand the latter by another 4 GW by the end of December 2026.
“This milestone financing from FMO provides us with flexible, long-tenor growth capital to support our under-construction portfolio while further diversifying our funding sources,” said ReNew’s Chief Financial Officer Kailash Vaswani.
For FMO, the 10-year ‘green’ facility is also its largest investment to advance opportunities for women in Asia’s energy sector, as ReNew targets increasing women's participation in its workforce to at least 30% by 2030. It will be above the current industry average of 11%.
Earlier this month, FMO committed $138 million to an investment vehicle established by Copenhagen Infrastructure Partners (CIP) to support large-scale renewable energy projects in high-growth markets, including India.
The investment is matched by an equal equity commitment from CIP, bringing the total funding to $276 million. The vehicle will invest alongside CIP’s Growth Markets Fund II in renewable energy projects, primarily in India, the Philippines, Vietnam, Mexico, and other eligible markets. It will support a diversified pipeline of offshore and onshore wind, solar power, and BESS.
