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ADIA leads $265-m funding in ReNew Power


Sumant Sinha-promoted ReNew Power Ventures Pvt Ltd has raised $265 million of fresh equity funding from investors.The latest round of fund raising was led by Abu Dhabi Investment Authority (ADIA). ADIA has invested $200 million to join the list of ReNew Power’s investors. Existing investors Goldman Sachs and Global Environment Fund have invested $50 million and $15 million, respectively, in the current round of funding.

After the latest round of funding, the company has raised a total of $655 million of equity.Of this, the largest is from Goldman Sachs with $370 million, ADIA will be the next largest investor with $200 million, Asian Development Bank has $50 million invested, while Global Environment Fund has invested $35 million.

“We have an asset base of $1.5 billion currently and expect to finish the year with $2 billion. The funding raised by us is the largest in the renewable energy space, while we are fifth behind Flipkart, Snapdeal, Ola Cabs and Paytm in terms of funding raised by Indian companies,” said Sumant Sinha, Founder Chairman and Chief Executive Officer, ReNew Power.

Source: BL
Anand Gupta Editor - EQ Int'l Media Network


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