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ReNew Power secures OPIC debt funding of up to USD 350 mn

Press Trust of India  |  New Delhi 

Clean energy producer ReNew Power Thursday said it has secured fresh debt financing of up to USD 350 million from the US government's development finance institution Overseas Private Investment Corporation (OPIC).

This follows an earlier round of financing when OPIC had granted a loan of USD 250 million to ReNew Power in March 2016, a company statement said.

The funds will be utilised by ReNew Power to support construction of new wind and solar power plants in India, the company added.

Sumant Sinha, Chairman and MD of ReNew Power, said, "We are happy that OPIC has once again reposed its trust in ReNew Power and our vision to transform India's energy landscape".

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".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 21 2019. 14:45 IST