ReNew Power Ventures Ltd, the clean energy firm founded by Sumant Sinha, has raised $140 million in equity investments from Asian Development Bank, Global Environment Fund’s South Asia Clean Energy Fund and the company's majority stakeholder Goldman Sachs.

With the latest round of funding, ReNew Power’s total equity investments reached $390 million or around Rs 2,300 crore.

Renewable energy assets

The company owns and operates 460 MW of renewable energy assets in five states. It plans to double its clean energy portfolio to 1,000 MW by 2015. The new projects in the pipeline include a 50 MW solar project in Madhya Pradesh.

“This investment comes at a time when there is a need to accelerate growth in the clean energy,” said Sinha, Chairman and Chief Executive Officer of ReNew Power.

“It puts us in a very comfortable position to select high quality projects ensuring greater returns for our stakeholders,” he added.

The company is also currently in the process of implementing a latest data analytics and business intelligence platform to monitor its assets in real-time and perform online diagnostics to improve overall wind farm performance.

Goldman Sachs had previously invested $200 million to acquire a majority stake in ReNew Power in 2011 followed by another investment of $50 million.

“We welcome ADB and GEF as investors in sharing our commitment to support India’s clean energy needs through their investments in ReNew Power,” said Ankur Sahu, co-head private equity in Asia at Goldman Sachs.

“Building on our initial $250-million investment from 2011, which at the time was the largest investment in India’s renewable energy generation sector, the company continues to grow and create jobs in addition to helping reduce India’s carbon footprint,” Sahu added.

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