Clifford Chance advises on ReNew’s first-of-its-kind green bond issuance via India’s GIFT City

Global law firm Clifford Chance has advised the joint global coordinators and joint bookrunners on ReNew Treasury IFSC Private Limited’s issuance of US$600 million 5-year senior secured green bonds. The transaction marks the first international bond issuance from India’s offshore financial hub, GIFT City (Gujarat International Finance Tec-City).

The 6.50% senior secured notes due 2031 are guaranteed by Nasdaq-listed ReNew Energy Global plc, one of India’s leading renewable-energy producers, and also to be guaranteed by its subsidiary, ReNew Private Limited.

Barclays Bank PLC, BNP Paribas, Deutsche Bank, HSBC, J.P Morgan, MUFG and Standard Chartered Bank were joint global coordinators, as well as bookrunners with Credit Agricole CIB, DBS Bank Ltd and SMBC Nikko.

Lead partner Alan Yeung who specialises in high yield and investment grade debt issuances said, “We are delighted to advise on this landmark transaction, which not only marks the first international bond issuance from GIFT City but also sets a new benchmark for Indian corporates seeking efficient access to global capital markets. By leveraging the benefits of the GIFT City structure, this issuance demonstrates the growing sophistication and internationalisation of India’s debt capital markets, paving the way for increased cross-border fundraising activities.”

Alan led the deal and was supported by counsel Stephanie Liman, associate Jun Kai Choo and trainee solicitor Alfie Harvey-Shipp.