ReNew Power inks pact with OPIC for $250-mn debt facility

| Updated on January 20, 2018

Sumant Sinha promoted ReNew Power Ventures said on Tuesday that it has signed an agreement to receive debt financing of up to $250 million from the Overseas Private Investment Corporation, the US Government’s development finance institution.

The company said that the funds will be utilised to construct 400 MW of new solar power projects across India.

“ReNew Power will have an edge in the competitive bidding scenario for solar projects through this long-term OPIC facility,” said Sumant Sinha, Chairman and Chief Executive Officer of ReNew Power.

“By supporting the construction of new solar power projects, OPIC looks forward to helping ReNew Power meet India’s growing energy needs while reducing the country’s carbon footprint,” Elizabeth Littlefield, OPIC’s President and Chief Executive Officer, said.

ReNew Power has more than 2,400 MW of clean energy assets. Its projects are in nine states – Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Jharkhand. The company has investors like Goldman Sachs, Abu Dhabi Investment Authority, Asian Development Bank and the Global Environment Fund.

In the last one year, the company has signed power purchase agreements for four solar projects with a combined capacity of 286 MW in Telangana, won bids in Karnataka for 180 MW of solar power capacity and in Jharkhand for 522 MW of solar power capacity. The power purchase agreements with Karnataka and Jharkhand will be signed soon.

Published on March 22, 2016

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