ReNew Power Secures Additional Debt Funding of $350 Mn From OPIC

The IPP has secured a fresh debt financing of up to USD 350 million from the US Government’s development finance institution.

ReNew Power, one of India’s largest renewable energy Independent Power Producer (IPP) in terms of total energy generation capacity, has secured a fresh debt financing of up to USD 350 million from the Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution.

This follows an earlier round of financing when OPIC had granted a loan of USD 250 million to ReNew Power Ltd. in March 2016.

ReNew Power has clarified that the new funds will be utilised to support the construction of new wind and solar power plants in India. This will strengthen ReNew’s contribution to the goal of diversifying India’s power generation mix with an increasing proportion of energy being generated from renewable sources.

Sumant Sinha, Chairman and Managing Director, ReNew Power Ltd. said, “We are happy that OPIC has once again reposed their trust in ReNew Power and our vision to transform India’s energy landscape. This fresh round of debt funding from OPIC is a validation of ReNew Power’s strong performance as a provider of clean, affordable energy in India. I wish to reiterate our commitment to develop innovative and sustainable energy solutions and invest in high-quality projects to generate maximum returns for our stakeholders. “

In a statement, OPIC President and CEO Ray W. Washburne said, “Investment in new and reliable energy will help India diversify its power generation, which is critical in order to meet growing energy demand and sustain economic growth,” said Washburne. “OPIC looks forward to continuing its partnership with ReNew Power and supporting its commitment to advancing economic development throughout the Indo-Pacific.”

Recently, Spanish wind turbines maker Siemens Gamesa secured a new order from ReNew Power to supply 270 wind turbines (SG 2.1-122 wind turbines) with a total capacity of 567 MW, to two wind power facilities which will be developed in the states of Gujarat and Karnataka.