ReNew Power Ventures has announced it raising $265 million in fresh equity from new and existing investors which includes Abu Dhabi Investment Authority and Goldman Sachs.
Founded in 2011, ReNew Power Ventures is a leading renewable energy projects developer in India. It currently owns wind and solar power assets with a total capacity of 1.6 GW of which 700 MW is operational in many states in India. Indian government has set a target of raising the proportion of renewable energy to 15% in the next five to seven years from the current level of 6% of the total energy mix.
The fresh funds has been planned to be used for capital expenditure related to implementation of solar and wind projects. In a statement, the company said, “ReNew Power Ventures Pvt Ltd has raised new equity funding of $265 million from new and existing investors.”
Founder Chairman and CEO ReNew Power 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.”
Co-Head of private equity at Goldman Sachs Asia, Ankur Sahu said: “Goldman Sachs’ additional investment in this fourth round of funding further verifies and symbolises our continued conviction in the company’s strong future growth prospects and commitment to India’s focus on clean energy.”
Till date, ReNew Power has raised a total equity funds of $655 million. Of this, the largest funding is from Goldman Sachs with $370 million, followed by ADIA with $200 million, Asian Development Bank with $50 million and Global Environment Fund with $35 million.