ReNew Power raises USD 140 mn for expansion

Power producer ReNew Power Ventures today said it has raised USD 140 million from three investors -- Asian Development Bank, Global Environment Fund and Goldman Sachs.
This latest infusion will enable the company to further its growth and scale as it aims to double its clean energy portfolio to 1,000 MW by 2015, it said in a release.
While ADB made an equity investment of USD 50 million, Global Environment Fund invested USD 20 million and Goldman Sachs made additional investment of USD 70 million.
Goldman Sachs had earlier invested USD 250 million in the firm in 2011 and with this fresh funding, the total investment in the company stands at USD 320 million.

With this round of fund raising, the company has reached total equity investment of USD 390 million or Rs 2,200 crore.
"This investment comes at a time when there is a need to accelerate growth in the clean energy sector driven primarily by surging demand and the current energy deficit faced by the country. It puts us in a very comfortable position to select high quality projects," its Chairman and CEO Sumant Sinha said.

ReNew Power currently owns and operates 460 MW of renewable energy assets in Gujarat, Haryana, Karnataka, Maharashtra and Rajasthan.
Additionally, it has a pipeline of another 500 MW projects, including a 50 MW solar project in Madhya Pradesh.

The company is currently implementing a state-of-the-art data analytics and business intelligence platform, which will monitor its assets in real-time and perform online diagnostics to improving overall wind farm performance, the release said.