ReNew Power, has secured fresh debt financing of up to $350 million from the Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution. This follows an earlier round of financing when OPIC had granted a loan of $ 250 million to ReNew Power, in March 2016.
The funds will be utilised by ReNew Power to support construction of new wind and solar power plants in India. This will strengthen ReNew’s contribution to the goal of diversifying India’s power generation mix with an increasing proportion of energy being generated from renewable sources.
Sumant Sinha, Chairman & Managing Director, ReNew Power said, “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 reiterate our commitment to develop innovative & sustainable energy solutions and invest in high quality projects to generate maximum returns for our stakeholders.”
In a statement, OPIC President and CEO Ray W. Washburne said, “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,” said Washburne. “OPIC looks forward to continuing its partnership with ReNew Power and supporting its commitment to advancing economic development throughout the Indo-Pacific.”