ReNew Power announced that it has secured fresh debt financing of up to USD 350 million from the Overseas Private Investment Corporation (OPIC), the US 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 in March 2016.
The funds will be utilised 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. Sumant Sinha, Chairman & Managing Director, ReNew Power said, “I reiterate our commitment to develop innovative and sustainable energy solutions and invest in high quality projects to generate maximum returns for our stakeholders.’
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,” said Washburne. “OPIC looks forward to continuing its partnership with ReNew Power and supporting its commitment to advancing economic development throughout the Indo-Pacific.”
