ReNew Power secures USD 390 million debt funding from ADB
January 17, 2017Finance
Renewable energy firm ReNew Power Ventures Ltd today announced that it has secured long-term debt financing of USD 390 million (approx. 2,650 crore) from Asian Development Bank (ADB).
“This is the first transaction to include in its financing plans funding from ADB as well as Leading Asia’s Private Sector Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency (JICA) and is administered by ADB,” a company statement said.
According to the statement, the proceeds will be utilised by the company to develop and expand capacities in Andhra Pradesh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh and Telangana.
“The additional debt financing from Asian Development Bank will continue to help us retain our competitive advantage and also fast track the execution of our existing projects as well as add new growth capacities,” ReNew Power Ventures Chairman & CEO Sumant Sinha said in the statement.
Commenting on the transaction, ADB Director General, Private Sector Operations Department, Michael Barrow said, “We strongly believe in ReNew Power’s potential and execution capabilities. The company has shown tremendous growth over the last few years and we are pleased to provide further boost to help ReNew Power bridge the gap between India’s current and growing energy needs and thus, making significant progress in lowering the country’s carbon footprint.”
ReNew Power claims to be the first company in India to cross 1GW of commissioned wind energy capacity.
It has also emerged as the largest winner in the auctions conducted by the Solar Energy Corporation of India (SECI), winning almost 10 per cent of the total capacity of 500 MW rooftop projects, it said.
The company has won the mandate to install 5 MW of renewable energy capacity pan-India for the Indian Railways as well, it added.
Source: Business Standard