ReNew Power raises fresh equity of $265 mn

Equity increases to $655 mn, highest among renewable startups

Sumant Sinha promoted ReNew Power Ventures Private Limited, one of the largest renewable energy companies in the country, raised new equity funding of $200 million from Abu Dhabi Investment Authority and $65 million from the two existing investors – Goldman Sachs and Global Environment Fund (GEF).

This is the third round of equity infusion in the company since its inception in 2011. The company raised $200 million from Goldman Sachs in 2011, which subsequently also put $170 million in two phases till 2014. The company also raised $70 million from ADB and GEF last year.

The total equity capital of ReNew Power now totals up to $655 million. The company said it has the highest market cap among all the other leading renewable energy companies. The company said it has raised $1.5 billion of capital since 2011.

"ReNew Power will close this fiscal with an asset base of $2 billion. We now have a enough capital at the parent level and that gives us a lot of comfort with the bankers. Across the board our all projects now run on 75:25 debt equity ratio,” said Sumant Sinha, founder chairman and CEO, ReNew Power.

The company has 1,600 Mw of clean energy assets across the country – out of which 1,000 Mw is wind energy projects. Around 700 Mw is operational out of the total base.