ReNew gets $390 mn financing from ADB, LEAP

Proceeds from this loan will be utilised to develop and expand capacities by around 709 Mw

ReNew Power Ventures Private Limited, one of India's leading renewable energy development company, has secured long-term debt financing of $390 million from Asian Development Bank (ADB) and LEAP.

ADB itself will provide half of $390 million while the remaining will come from LEAP (Leading Asia's Private Sector Infrastructure Fund), a funding arrangement provided by Japan International Cooperation Agency (JICA) and administered by ADB, said Kailash Vaswani, Deputy CFO, ReNew Power.

The proceeds from this ADB investment will be utilised by the company for seven projects in Andhra Pradesh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh and Telangana.

The Goldman Sachs-supported ReNew Power plans to add