Fresh Debt Financing of $350 Million For ReNew Power

In Clean Fund, News, Renewable Energy, Solar

ReNew Power Ltd has secured fresh debt financing of up to $350 million from existing investor Overseas Private Investment Corp. (OPIC), the US government’s development finance institution. In March 2016 too, OPIC had granted a loan of $250 million to ReNew Power.

In June 2018, OPIC signed a $5 million loan guarantee with India’s IndusInd Bank. The guarantee was to support Grameen Impact, a non-bank financial institution backed by Grameen Capital India in its focus on the growth of local small and medium enterprises.

As of February 2019, ReNew Power had a total capacity of over 6.5 gigawatts (GW) of wind and solar power assets, including commissioned and under development projects. It develops, builds, owns and operates utility scale wind and solar energy projects, as well as distributed solar energy projects catering to commercial and industrial customers.

This fresh round of debt funding from OPIC is a validation of ReNew Power’s strong performance as a provider of clean, affordable energy in India. The money will be used to fund the construction of new wind and solar power plants.

Reference- Livemint, Economic Times

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