ReNew Power Ventures Pvt. Ltd., an Indian renewable energy Independent Power Producer (IPP), has reached total equity investments of US$390 million after receiving additional investments of US$140 million from the Asian Development Bank (ADB), the fund GEF SACEF India and Goldman Sachs.
This latest US$140 million infusion will enable the company to further its growth and scale as ReNew Power aims to double its clean energy portfolio to 1000MW by 2015.
ReNew Power owns and operates 460MW of renewable energy assets in five states (Gujarat, Haryana, Karnataka, Maharashtra and Rajasthan) across the country. Additionally, it has a pipeline of another 500MW, including a 50MW solar project in Madhya Pradesh.
The company is currently in the process of implementing a state-of-the-art data analytics and business intelligence platform, which will monitor its assets in real-time and perform online diagnostics to improving overall wind farm performance.
Sumant Sinha, Chairman and CEO of ReNew Power, stated:
This investment comes at a time when there is a need to accelerate growth in the clean energy sector driven primarily by surging demand and the current energy deficit faced by the country. It puts us in a very comfortable position to select high quality projects, ensuring greater returns for our stakeholders.
Ankur Sahu, co-head of private equity in Asia at Goldman Sachs, stated:
We welcome ADB and GEF as investors in sharing our commitment to support India’s clean energy needs through their investments in ReNew Power. Building on our initial US$250 million investment from 2011, which at the time was the largest investment in India’s renewable energy generation sector, the company continues to grow and create jobs in addition to helping reduce India’s carbon footprint. The addition of these two world-class, clean energy sector investors will provide ReNew Power with additional momentum.