ReNew Power obtains INR 10 billion for New Projects

Indian renewables developer and operator ReNew Power Ventures Pvt Ltd has secured INR 10 billion from HSBC Bank.

The financing will be used to back the company’s new projects.

The funds were raised in a non-convertible debentures deal. They come on top of recently raised financing from India’s SBI Mutual Fund and L&T Floating Rate Fund.

ReNew Power last month unveiled its plans to invest a total of INR 140 billion in renewable energy projects in the state of Maharashtra and also signed a pact with the government of Andhra Pradesh to add 2 GW of wind and solar capacity there in the next five years.

At the end of February, it also announced the signing a memorandum of understanding (MOU) with the state of Uttar Pradesh for an INR-80-billion investment that will facilitate the deployment of 1.2 GW of renewables capacity.