One of India’s leading independent power
producers in the renewable energy sector has raised significant equity
funding in a recent round. ReNew Power Ventures, a leading renewable energy projects developer in India, announced
that it raised $265 million following a fresh round of equity funding.
The latest round was led by Abu Dhabi Investment Authority, which
acquired stake in the company with an investment of $200 million.
Goldman Sachs was the largest equity
investor in the company prior to this funding round and acquired an
additional stake worth $50 million. Goldman Sachs has now participated
in four equity funding rounds organised by ReNew Power, and have
increased total equity investment to $370 million.
The Global Environment Fund made its
second investment in the company, acquiring equity stake of $15 million,
taking its total investment in ReNew Power to $35 million. According to media reports
earlier this year, ReNew Power was planning to raise equity funding
from a Switzerland-based private equity fund, but the company did not
share any information about these reports.
ReNew Power Ventures currently owns wind
and solar power assets with a total capacity of 1.6 GW, of which 700 MW
is operational across several states in India. When founded in 2011, the
company had focused on developing wind energy projects, but has
gradually started participating in solar power auctions under state
solar power policies as well. The company is now working on solar power
projects, with over 250 MW capacity in development across several
states, and a 57.5 MW project operational.
The company also entered an agreement
with Hareon Solar for the development of a solar power project in
Andhra Pradesh. The China-based solar modules manufacturer would supply
panels for the project and also make equity investment in the project
which would have 72 MW installed capacity.
http://cleantechnica.com/2015/10/28/indias-renew-power-raises-265-million-fresh-funding-round/
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