ReNew Power Receives Debt Financing of $350 M from OPIC

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Under the ReNew Master Financing Facility, ReNew Power plans to construct up to 400 MW of solar projects in India across multiple states.

Renewable energy generator ReNew Power has secured fresh debt financing of upto $350 million (~Rs 24.91 billion) from the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution.

The company will be utilizing the funds to support the construction of new wind and solar power projects in the country, Mercom India reported.

In March 2016, ReNew Power had also received debt financing of upto $250 million from OPIC as part of the ReNew Master Financing Facility.

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Under the ReNew Master Financing Facility, ReNew Power plans to construct up to 400 MW of solar projects in India across multiple states.

In November 2016, both the parties signed a commitment of approximately $74 million to set up a 100 MW solar project in Telangana. The project was the first to be approved under this facility to develop, construct, and operate solar projects under the National Solar Mission (NSM), the report said.

ReNew Power moves towards transforming India’s energy landscape

Sumant Sinha, Chairman and Managing Director, ReNew Power, is grateful to OPIC for believing in ReNew Power and its 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,” Sinha was quoted as saying.

Ray W. Washburne, President and CEO of OPIC, believes that 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.

He said, “OPIC looks forward to continuing its partnership with ReNew Power and supporting its commitment to advancing economic development throughout the Indo- Pacific.”

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