ReNew Power secures fresh $350 million from US investor

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The funds will be utilized by ReNew Power to support construction of new wind and solar power plants in India.

Significantly, last year, ReNew Power had signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to pump Rs 14,000 crore investment into the state for commissioning renewable energy plants. As per the MoU, in five years ReNew Power Ventures proposes to invest in three broad categories: solar power (Rs 6000 crore), wind power (Rs 6000 crore) and waste-to-energy (Rs 2000 crore).

Later in the year, ReNew Power won a tender to develop a 3MW floating PV system in Visakhapatnam, Andhra Pradesh, after a bidding process by the Greater Visakhapatnam Municipal Corporation (GVMC). The project is being financed through a grant received from the Asian Development Bank’s Urban Climate Change Resilience Trust Fund.

OPIC is a self-sustaining US Government agency that helps American businesses invest in emerging markets. Established in 1971, it provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances US foreign policy and national security priorities.

In a statement, OPIC President and CEO Ray W. Washburne said, “Investment in new and reliable energy will help India diversify its power generation, which is critical in order to meet growing energy demand and sustain economic growth. OPIC looks forward to continuing its partnership with ReNew Power and supporting its commitment to advancing economic development throughout the Indo-Pacific.”

ReNew Power claims to be India’s largest renewable energy independent power producer in terms of total energy generation capacity. As of February 2019, it had a total capacity of over 6.5 GW of wind and solar power assets across the country, including commissioned and under development projects. It develops, builds, owns and operates utility-scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers.