MUMBAI, Dec. 10 -- ReNew Energy Global PLC (REGP) is preparing to tap global debt markets with plans to raise over $500 million through dollar-denominated bonds to refinance a large portion of its upcoming maturities, according to two people aware of the matter.

The move comes as the Gurugram-based renewable energy company faces over $1.5 billion in cumulative debt maturities over the next 12 months across various borrowing lines, as per a 21 November Fitch Ratings note. This includes $525 million notes issued by REGP's Mauritius-based subsidiary Diamond II, which mature in July 2026. The company has about $800 million of cash and equivalents.

HSBC has been mandated as merchant banker for the proposed bond issue, while Shardul Amarchand...