ReNew Power Ventures Private Ltd today said it has signed a debt financing agreement of USD 250 million with Overseas Private Investment Corporation (OPIC), the US government's development finance institution.
"The funds will be utilised to construct up to 400 MWs of new solar power projects in India across multiple states," the company said in a press release.
ReNew Power Chairman and CEO Sumant Sinha said, "ReNew Power will have an edge in the solar competitive bidding scenario through this long term OPIC facility. With another high quality lender on board, ReNew Power continues to hold its leadership position in the renewable energy space in India."
OPIC is proud to partner with ReNew Power in delivering innovative clean energy solutions throughout India, said Elizabeth Littlefield, OPIC's President and CEO.
"By supporting the construction of new solar power projects, OPIC looks forward to helping ReNew Power meet India's growing energy needs while further reducing the country's carbon footprint," Littlefield added.
Founded in 2011, ReNew Power has now more than 2,400 MWs of clean energy assets. Currently, it has presence in nine states (Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Andhra Pradesh & Jharkhand) in the country.
The company is backed by marquee investors like Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank and Global Environment Fund.
Founded in 2011 by Sumant Sinha, ReNew Power has now more
than 2,400 MWs of clean energy assets. Currently, it has presence in nine states (Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Jharkhand) across the country. The company is backed by marquee investors like Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank and Global Environment Fund.
In the last one year, ReNew Power has ramped up its solar energy portfolio. It recently signed Power Purchase Agreements (PPAs) for four solar ground mounted projects with combined capacity of 286 MW in Telangana. Further, it has also won bids in Karnataka (180 MWs) and Jharkhand (522 MWs) for which the PPAs will be signed shortly.
Some of ReNew Power's notable achievements: ReNew Power is the best capitalized renewable energy company in the country.
1) Renew Power is the largest capital raiser in debt markets in the renewable energy IPP sector in the last 3.5 years with over Rs. 8,000 cr of debt sanctions.
2) In September 2015, ReNew Power installed and commissioned India's tallest wind tower.
It is a lattice/tubular tower (hybrid tower) of 120 m height, installed for the first time anywhere on-shore in the world.
3) Also, in September 2015, ReNew Power launched the first ever infrastructure bond issuance credit enhanced by IIFCL, rated AA+.
4) All ReNew Power projects are UNFCCC (United Nations Framework Convention on Climate Change) registered.
5) Scheduling and forecasting is being done for all ReNew Power projects through ReNew Power Information System, which won the Skoch Smart Technology Award 2015.
6) Currently commissioned ReNew power projects have mitigating 1.5 million tons of CO2 emissions till date, and will mitigate more than 28 million tons of CO2 emissions in their lifetime.
