India's ReNew Power raises $265m round
Indian renewable energy producer ReNew Power Ventures has raised a $265 million funding round led by a subsidiary of the Abu Dhabi Investment Authority (ADIA), with participation by existing investors Goldman Sachs and the Global Environment Fund (GEF).
ADIA's $200 million commitment represents its first investment in ReNew. Goldman contributed $50 million in this round, bringing its total commitment to the company to $370 million, while GEF increased its stake from $20 million to $35 million.
The new funding will be used for capital expenditures related to the implementation of the company's wind and solar energy projects, according to a statement. ReNew's currently operational energy assets represent more than 700 megawatts of capacity in eight states, with an additional 1 gigawatt's worth of projects in various stages of development.
"We are at an inflection point where transformational use of natural resources will define our energy future", said Sumant Sinha, founder and CEO of ReNew Power. "This fundraise comes at an exciting time for us as we enter a new phase of growth. The years ahead will define ReNew Power's role in transforming how energy is produced, transmitted and distributed in this country."
GEF is a US-based private equity firm focused on investments in cleantech. Its activities in India include partnering with YES Bank in 2008 to launch the South Asia Clean Energy Fund, from which it invested $11 million in Concord Enviro Systems earlier this year. It also raised a $124 million India-focused fund in 2012.
ReNew's other investors include the Asian Development Bank (ADB), which joined Goldman and GEF in a $140 million round last year.
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