Fitch Ratings has reaffirmed the credit ratings of ReNew Energy Global Plc and ReNew Private Limited at ‘BB-’, maintaining a Stable Outlook. The affirmation reflects the companies’ strong renewable portfolio, consistent cash flows, and supportive policy environment, while acknowledging challenges such as high leverage and sectoral risks.
India’s renewable energy leader ReNew Energy Global Plc, along with its subsidiary ReNew Private Limited, has received a reaffirmation of its credit rating from Fitch Ratings. Both entities remain at ‘BB-’, with a Stable Outlook, signaling confidence in their operational resilience and long-term growth prospects.
Fitch highlighted ReNew’s diversified renewable portfolio across wind and solar, which ensures steady cash flows under long-term power purchase agreements. The rating also reflects India’s supportive policy framework for clean energy, positioning ReNew as a key player in the country’s energy transition.
However, Fitch noted challenges including high leverage, exposure to counterparty risks from state distribution companies, and the need for continued capital investment to sustain growth. Despite these pressures, ReNew’s scale and strategic importance underpin the stable outlook.
Key Highlights
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Rating Affirmed: Both ReNew Energy Global and ReNew Private Limited retained ‘BB-’ ratings.
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Stable Outlook: Reflects confidence in operational resilience and renewable portfolio strength.
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Portfolio Diversification: Wind and solar assets under long-term PPAs provide predictable cash flows.
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Policy Support: India’s renewable energy push strengthens ReNew’s market position.
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Challenges: High leverage, counterparty risks, and capital needs remain key considerations.
Closing Note
Fitch’s reaffirmation underscores ReNew’s role as a cornerstone of India’s renewable energy sector. With a stable outlook, the company is well-positioned to balance growth ambitions with financial discipline, continuing to drive India’s clean energy transition.
Source: Fitch Ratings