ReNew Power Limited, India's largest renewable energy IPP in terms of total energy generation capacity*, today announced that it has secured fresh debt financing of up to USD 350 million from the Overseas Private Investment Corporation (OPIC), the U.S. government's development finance institution. This follows an earlier round of financing when OPIC had granted a loan of USD 250 million to ReNew Power Ltd. in March 2016.
The funds will be utilized 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.
On this occasion, Sumant Sinha, Chairman & Managing Director, ReNew Power Ltd., said, "We are happy that OPIC has once again reposed their trust in ReNew Power and our 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. I wish to reiterate our commitment to develop innovative and 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. OPIC looks forward to continuing its partnership with ReNew Power and supporting its commitment to advancing economic development throughout the Indo-Pacific."
About ReNew Power
ReNew Power Limited is India's largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity*. As of February 2019, ReNew had a total capacity of over 6.5 GW of wind and solar power assets across the country, including commissioned and under development projects. It develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. ReNew has a strong track record of organic and inorganic growth having nearly doubled its operational capacity in each of the last three Fiscal Years. ReNew's broad base of equity investors include Goldman Sachs, JERA, ADIA, CPPIB, and GEF SACEF India.
This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States. The securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from such registration.
Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the Company, its management, as well as its financial statements. No public offering or sale of securities in the United States is contemplated.
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The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity fund managers.
For more information, please contact: ReNew Power: Pradeep Wadhwa [email protected] +91-9810266667