One of India’s leading renewable energy independent power producers, ReNew Power Ventures, plans to raise fresh capital of $100 to $150 million.
The Goldman Sachs-backed ReNew Power has announced plans to raise fresh capital to expand its generation capacity. The funds, expected to be up to $150 million, will be used for installation of 400 MW of solar power capacity. The company has so far concentrated its efforts in the wind energy sector.
ReNew Power currently operates 14 wind energy projects across 4 states in India with total installed capacity of 545 MW. ReNew Power diversified into the solar power generation business recently after it secured rights to develop projects through auctions under the state solar power policies.
The company currently operates a 57.5 MW solar photovoltaic power plant in the state of Madhya Pradesh. ReNew Power also has close to 250 MW solar power capacity in the pipeline. The company has ambitious plans to add solar power capacity over the next 5 to 7 years. In February, the company announced plans to add 6.5 GW worth of solar power capacity and 5 GW worth of wind energy capacity by 2022.
Goldman Sachs has been the leading investor in ReNew Power since company’s inception in 2011. Since then, ReNew Power has attracted $390 million in equity investments. Last year, the Asian Development Bank and the Global Environment Fund invested $50 million and $20 million.
With the changing regulatory environment in the country and revamped capacity addition targets in the solar and wind energy sectors, ReNew Power has been able to dramatically enhance its own ambitions as well. Three years ago, the company had plans to add 1 GW wind energy capacity with an investment of $1.1 billion.
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