Published on August 19th, 2015 | by Smiti0
India’s ReNew Power In Talks With Swiss PE Firm To Raise Fresh Capital
August 19th, 2015 by Smiti
One of India’s leading renewable energy project developers is reportedly planning to raise fresh funds to finance solar power projects.
ReNew Power Ventures is reported to be in talks with Swiss private equity firm Partners Group to raise up to $200 million. Reports of the company looking to sell equity to finance 400 MW worth of solar power capacity had surfaced earlier as well.
Since its establishment in 2011, ReNew Power has raised $390 million in equity investments from several companies and development banks. Last year the company raised $140 million from three investors, including Goldman Sachs who invested $70 million, the Asian Development Bank picked up equity worth $50 million, and the Global Environment Fund injected $20 million in the company.
In 2011, funds backed by Goldman Sachs picked up a majority stake in the company for $200 million and then made an investment of additional $50 million to fund wind energy projects.
ReNew Power had started as a wind energy project developer, but since ventured into the solar power sector following the huge increase capacity addition target under India’s National Solar Mission, and has already commissioned a 57.5 MW solar PV power project in the state of Madhya Pradesh. ReNew Power has been actively participating in the state solar power auctions over the last few months and has close to 250 MW solar power projects in the pipeline. The company successfully placed bids for large-scale projects in the solar power project auctions organised by Andhra Pradesh and Telangana.
ReNew Power has pledged to add 11.5 GW renewable energy capacity over the next 5-7 years, including 6.5 GW solar power capacity and 5 GW wind energy capacity.
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