ReNew Power Ventures, one of India’s rapidly growing independent renewable power producers, is in the midst of another financial deal that will give it access to much needed funding to fuel its capacity addition.
ReNew Power Ventures, founded in 2011, recently announced that it signed an agreement with the Overseas Private Investment Corporation to raise $250 million in debt finance. The funding will be used to finance the development of 400 MW worth of solar power capacity across various states in the country.
The company already operates over 1 GW of wind and solar power capacity spread across India. It had started with wind energy projects but then ventured into the solar power sector and found considerable success. Power also has almost 700 MW solar power capacity operational or under construction. The company is reported to have secured an additional 522 MW capacity under the recently concluded solar power tender of Jharkhand.
ReNew Power Ventures has targeted an installed capacity of 6.5 GW solar power and 5 GW wind energy over the next 5 years. The company has raised a total of $650 million from private equity investors, including Goldman Sachs, Abu Dhabi Investment Authority, and Global Environment Fund.