ReNew Power has bagged new debt financing of up to $350 million (~₹24.91 billion) from the Overseas Private Investment Corporation (OPIC).The funds will be utilized by ReNew Power to enable the construction of new wind and solar power projects in India.
In March 2016, Mercom had stated about ReNew Power signing an agreement with OPIC to accept debt financing of up to $250 million as part of the ReNew Master Financing Facility.
In November 2016, both the parties signed a deal of nearly $74 million to set up a 100 MW solar project in Telangana. The project was the first to be authorized under this facility to develop, construct, and operate solar projects under the National Solar Mission (NSM).
Under the ReNew Master Financing Facility, up to 400 MW of solar projects would be built in India across multiple states.
Chairman and Managing Director of ReNew Power Sumant Sinha, said, “We are happy that OPIC has once again reposed their trust in ReNew Power and our aim to transform India’s energy landscape. This fresh round of debt funding from OPIC is a validation of ReNew Power’s healthy performance as a provider of clean, affordable energy in India,”
“Investment in new and reliable energy will enable India diversify its power generation, which is critical in order to meet growing energy demand and sustain economic growth. OPIC looks forward to continuing its partnership with ReNew Power and supporting its commitment to advancing economic development throughout the Indo- Pacific” Said the President and CEO of OPIC.