Mumbai based ReNew Power Ltd, which is one of the largest renewable energy companies in India, has raised fresh funding of US$350 million from its existing investor Overseas Private Investment Corp. (OPIC), the US government’s development finance institution, the company disclosed in its details about funding on Monday.
In March 2016, Overseas Private Investment Corp. had issued a loan of $250 million to ReNew Power. The money will be utilized to set up a foundation for the construction of new wind and solar power plants across the country.
Renew Power Ltd was set up by Sumant Sinha in 2011, ReNew Power is in the business of developing energy which is a renewable and an independent power producer (IPP). As of June 2019, ReNew Power had a complete limit of more than 8 Gigawatts of wind and solar power assets across 16 states in India, including commissioned as well as under-development projects. It produces, constructs, owns, and runs utility-scale wind and solar energy projects, as well as distributed solar energy projects catering to commercial and industrial customers.
According to Mr. Sinha, who is also chairman, and managing director, ReNew Power “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 keep continue our commitment of developing innovative and sustainable energy solutions for the benefits of people as well as the environment and invest in those projects which have potential generate maximum returns for our backbone of company i.e stakeholders,”.
The renewable energy industry is a crucial sector with high priority for the government, which has already targeted the production of 225 GW of renewable energy capacity by 2022 intending to supply electricity into the backward region of the country. This year India has secured 4th rank in EY’s Renewable Energy Country Attractive Index.
I made this change because Sumant Sinha the name appeared in the previous paragraph so it was repetitive in narration.
Mumbai based ReNew Power Ltd, which is one of the largest renewable energy companies in India, has raised fresh funding of US$350 million from its existing investor Overseas Private Investment Corp. (OPIC), the US government’s development finance institution, the company disclosed in its details about funding on Monday.
In March 2016, Overseas Private Investment Corp. had issued a loan of $250 million to ReNew Power. The money will be utilized to set up a foundation for the construction of new wind and solar power plants across the country.
Renew Power Ltd was set up by Sumant Sinha in 2011, ReNew Power is in the business of developing energy which is a renewable and an independent power producer (IPP). As of June 2019, ReNew Power had a complete limit of more than 8 Gigawatts of wind and solar power assets across 16 states in India, including commissioned as well as under-development projects. It produces, constructs, owns, and runs utility-scale wind and solar energy projects, as well as distributed solar energy projects catering to commercial and industrial customers.
According to Mr. Sinha, who is also chairman, and managing director, ReNew Power “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 keep continue our commitment of developing innovative and sustainable energy solutions for the benefits of people as well as the environment and invest in those projects which have potential generate maximum returns for our backbone of company i.e stakeholders,”.
The renewable energy industry is a crucial sector with high priority for the government, which has already targeted the production of 225 GW of renewable energy capacity by 2022 intending to supply electricity into the backward region of the country. This year India has secured 4th rank in EY’s Renewable Energy Country Attractive Index.
