One of India’s leading independent power producers in the renewable energy sector has raised significant equity funding in a recent round.
ReNew Power Ventures, a leading renewable energy projects developer in India, announced that it raised $265 million following a fresh round of equity funding. The latest round was led by Abu Dhabi Investment Authority, which acquired stake in the company with an investment of $200 million.
Goldman Sachs was the largest equity investor in the company prior to this funding round and acquired an additional stake worth $50 million. Goldman Sachs has now participated in four equity funding rounds organised by ReNew Power, and have increased total equity investment to $370 million.
The Global Environment Fund made its second investment in the company, acquiring equity stake of $15 million, taking its total investment in ReNew Power to $35 million.
According to media reports earlier this year, ReNew Power was planning to raise equity funding from a Switzerland-based private equity fund, but the company did not share any information about these reports.
ReNew Power Ventures currently owns wind and solar power assets with a total capacity of 1.6 GW, of which 700 MW is operational across several states in India. When founded in 2011, the company had focused on developing wind energy projects, but has gradually started participating in solar power auctions under state solar power policies as well. The company is now working on solar power projects, with over 250 MW capacity in development across several states, and a 57.5 MW project operational.
The company also entered an agreement with Hareon Solar for the development of a solar power project in Andhra Pradesh. The China-based solar modules manufacturer would supply panels for the project and also make equity investment in the project which would have 72 MW installed capacity.