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ReNew Power Ventures Pvt Ltd, a leading clean energy company with over 700 MW of commissioned projects, has raised $265 million in fresh equity from new and existing investors. The lead investor in this round is a subsidiary of the Abu Dhabi Investment Authority, which has committed $200 million for a significant minority stake in ReNew Power.
ReNew Power will use the money towards capital expenditure to implement solar and wind projects.
Global investment bank Goldman Sachs, which is the largest investor in ReNew Power, is participating in the fourth round of fund raise and has committed $50 million. With this, its total investment in the company will go up to $370 million. Another existing investor, Global Environment Fund will pump in $15 million taking its total investment to $35 million.
According to ReNew Power, with the fresh round of fund raise, it has raised $655 million in total equity. The company has an asset base of $1.5 billion and expects to finish the year with an asset base of over $2 billion.
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