ReNew Power secures US$ 390 mn debt funding from ADB
ReNew Power Ventures Pvt Ltd announced that it has secured long-term debt financing of US$ 390 million from Asian Development Bank (ADB). This is the first transaction to include in its financing plans funding from ADB as well as Leading Asia’s Private Sector Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency (JICA) and is administered by ADB.
The proceeds from this ADB investment will be utilised by the company to develop and expand capacities in Andhra Pradesh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh and Telangana. Amongst its recent wins, ReNew Power is the first company in India to cross 1 GW of commissioned wind energy capacity. ReNew also emerged as the largest winner in the auctions conducted by the Solar Energy Corporation of India (SECI).