ReNew Power secures $265m of equity funding for solar and wind projects

27 October 2015 (Last Updated October 27th, 2015 18:30)

Clean energy developer ReNew Power Ventures has secured nearly $265m as equity funding for capital expenditure to support its solar and wind power projects.

Clean energy developer ReNew Power Ventures has secured nearly $265m as equity funding for capital expenditure, in order to support its solar and wind power projects.

Around $200m of the funding has been secured from a subsidiary of the Abu Dhabi Investment Authority (ADIA) with the rest offered by existing investors, Goldman Sachs and Global Environment Fund.

Goldman Sachs has agreed to invest a further $50m for the Indian energy firm, which increases its cumulative contribution in the company to $370m.

Global Environment Fund has contributed the remaining $15m in the fourth and the latest round of financing, which raises ReNew Power’s total equity to $655m.

"The years ahead will define ReNew Power’s role in transforming how energy is produced, transmitted and distributed in this country."

ADIA will be entitled to a ‘significant minority stake’ in ReNew Power for its capital commitment.

ReNew Power founder, chairman and CEO Sumant Sinha said: "This deal further positions ReNew as the pre-eminent company in the clean energy sector in India. We are at an inflection point where transformational use of natural resources will define our energy future.

"This fundraise comes at an exciting time for us as we enter a new phase of growth. The years ahead will define ReNew Power’s role in transforming how energy is produced, transmitted and distributed in this country."

The firm presently operates assets worth more than $1.5bn, which is expected to be raised to an asset base in excess of $2bn by the end of the year.

ReNew Power currently has more than 1.6GW of operational and under-construction clean energy assets in its portfolio and additionally more than 1GW solar, wind and solar rooftop projects in pipeline.