ReNew Power raises $265 m via equity, to use fund for capex
ReNew Power Ventures recently said it has raised USD 265 million (around Rs 1,700 crore) in fresh equity from new and existing investors including from an arm of Abu Dhabi Investment Authority (ADIA) and Goldman Sachs. The funds will be used for capital expenditure related to implementation of solar and wind projects. “ReNew Power Ventures Pvt Ltd has raised new equity funding of USD 265 million from new and existing investors,” the company said in a statement. Rothschild (India) was the advisor to the ADIA’s arm. The statement added that the lead investor in this round was a subsidiary of the Abu Dhabi Investment Authority (ADIA) with a commitment of USD 200 million for a significant minority stake in ReNew Power. Its largest investor Goldman Sachs also participated in the fourth round of funding through an additional USD 50 million commitment, taking its total investment in the company to USD 370 million. Another existing investor, Global Environment Fund added up to US 15 million to its existing investment, taking the total to USD 35 million.
With this new round of funding, ReNew Power has raised a total equity of USD 655 million. The company has an asset base of USD 1.5 billion and expects to finish the year with an asset base of over USD 2 billion. 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.” Founded in early 2011 by Sumant Sinha, ReNew Power has more than 1,600 MW of commissioned and under-construction clean energy assets. Of this more than 700 MW assets are already commissioned.
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.” ReNew Power operates in eight states — Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana and Andhra Pradesh. Moreover, it has a development pipeline of more than 1 GW solar, wind and solar rooftop projects.
Source: PTI
