ReNew Power Ventures Pvt. Ltd, a green energy producer backed by the Goldman Sachs Group Inc., on Tuesday said it will receive $250 million debt financing as part of an agreement with the Overseas Private Investment Corp. (OPIC), the US government’s development finance institution.
The funds will be used to construct up to 400 megawatt (MW) of new solar power projects in India across multiple states, ReNew Power said.Founded in 2011 by Sumant Sinha, a former chief operating officer at wind turbine maker Suzlon Energy Ltd, ReNew Power has now more than 1,000 MW or 1 gigawatt (GW) of operational capacity from its own wind and solar projects.
In October, ReNew raised $265 million in fresh equity from investors, including sovereign wealth fund Abu Dhabi Investment Authority.In its three rounds of funding since starting operations in 2011 (including the October fund raise), ReNew had raised a total of $650 million from its investors.
The renewable energy producer has a target to set up over 11GW of combined wind and solar capacity in the next five years. India has a target of installing 100GW of solar power capacity and 60GW of wind power capacity by 2022.ReNew said it has signed power purchase agreements (PPAs) for four solar ground mounted projects with a combined capacity of 286 MW in Telangana, and won solar projects in Karnataka and Jharkhand, for which the PPAs are expected to be signed shortly.