"ADB financing will allow ReNew Power to tap into ADB's extensive network, knowledge, and experience in the field of renewable energy, especially in India, said ADB's principal investment specialist Siddhartha Shah. "
New Delhi, July 3 - Renewable energy firm ReNew Power Thursday said it has received $140 million additional funding from three global investors that takes the company's total equity investments to $390 million (Rs.2,200 crore).
Goldman Sachs, an original investor in the company, has put an additional $70 million. The Asian Development Bank (ADB) has made an equity investment of $50 million, while Global Environment Fund has put $20 million investment in the Gurgaon-headquartered company.
Chairman and chief executive officer of ReNew Power Sumant Sinha said the additional funds would be utilised for expansion of the company's operation.
This investment comes at a time when there is a need to accelerate growth in the clean energy sector driven primarily by surging demand and the current energy deficit faced by the country, said Sinha.
It puts us in a very comfortable position to select high quality projects, ensuring greater returns for our stakeholders, he said.
ReNew Power aims to double its clean energy portfolio to 1,000 MW by 2015.
ReNew Power owns and operates 460 MW of renewable energy assets in five states - Gujarat, Haryana, Karnataka, Maharashtra and Rajasthan. Additionally, it has a pipeline of another 500 MW, including a 50 MW solar project in Madhya Pradesh.
The company is currently in the process of implementing a state-of-the-art data analytics and business intelligence platform, which will monitor its assets in real-time and perform online diagnostics to improving overall wind farm performance.
ADB financing will allow ReNew Power to tap into ADB's extensive network, knowledge, and experience in the field of renewable energy, especially in India, said ADB's principal investment specialist Siddhartha Shah.
ADB's investment is a signal to private sector companies that India's renewables sector is ripe for further investment, Shah said.