News Column

Goldman Backed ReNew Power Secures Additional Funding

July 6, 2014

Goldman Sachs backed @ReNew_PowerPrivate Limited has raised $140 Mn (c.INR 8,400 Mn) in a new round of funding from existing investor Goldman Sachs along with the participation of Asian Development Bank and South Asia Clean Energy Fund.

With Goldman infusing $70 Mn, ADB$50 Mn and GEF the remaining $20 Mn, the total equity investment in the firm has reached $390 Mn (c.INR 23,000 Mn) and will help the firm to more than double its project portfolio from 460 megawatt (MW) to 1,000 MW by 2015.

Previously Goldman had invested $200 Mn to acquire a majority stake in ReNew Power in 2011 followed by another investment of $50 Mn last year.

Founded by Sumant Sinha, a former COO of Suzlon Energy, ReNew generates 460 MW of installed and operational clean energy capacity through wind across the states of Maharashtra, Rajasthan, Karnataka and Gujarat. Primarily a wholesale power generator, ReNew Power sells the output to state electricity boards and large industrial companies.

ReNew Power already has a pipeline of close to 60 MW solar projects which include a 57.5 MWp ground mounted grid connected Solar PV project in the State of Madhya Pradesh and a 300 kWp roof top grid connected Solar PV project in the National Capital Territory of Delhi.

Recent deals in this space:

Cyprus based photovoltaic solutions provider Concept Solutions & Innovation had made a $125 Mn investment in Pune based solar energy solutions firm CaptureSolar Energy Limited financing the company's 90 MW solar project in Pune.

Asian Development Bank had made an infusion of INR 3,100 Mn (c.$50 Mn) in Welspun Renewable Energy Limited.

GE Energy Financial Services had invested $24 Mn in 151 (DC)-megawatt solar photovoltaic power project of Welspun Renewables Energy Private Limited.

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Source: DealCurry (India)

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