Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Green Power
Return to: CTBR Home | Green Power | Wind

ReNew Power raises $265m in equity funding to finance clean energy projects

CTBR Staff Writer Published 28 October 2015

Indian company ReNew Power Ventures has raised close to $265m in equity funding for capital expenditure to finance solar and wind projects.


The investors in the fourth funding round include a subsidiary of the Abu Dhabi Investment Authority (ADIA), Goldman Sachs and Global Environment Fund.

Of the total funding, ADIA and Goldman Sachs will offer $200m and $50m respectively, while the remainder $15m will be provided by Global Environment Fund.

By investing in the latest round, ADIA will receive a significant minority stake in ReNew Power and existing investor Goldman Sachs increases its investment in ReNew Power to $370m.

This funding round increases ReNew Power's total fund raising to $655m.

ReNew Power founder, chairman and CEO Sumant Sinha said: "This deal further positions ReNew as the preeminent 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."

ReNew Power, with a current asset base of over $1.5bn, expects to finish the year with an asset base of over $2bn.

The company currently has over 1,600MW of operational and under-construction clean energy assets in eight states including Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana and Andhra Pradesh.

It also has a development pipeline of more than 1GW solar, wind and solar rooftop projects.

Image: The equity funding will be used to finance solar and wind projects. Photo: courtesy of Photokanok / FreeDigitalPhotos.net.