ReNew Power secures USD 300m from Goldman Sachs, others

Wind turbines in India. Featured Image: OlegD/Shutterstock.com

July 2 (Renewables Now) - Indian renewable power producer ReNew Power Ltd has raised USD 300 million (EUR 265.6m) through a rights issue so it could finance projects within its existing pipeline.

Each of Goldman Sachs Group Inc (NYSE:GS), the Abu Dhabi Investment Authority (ADIA) and the Canada Pension Plan Investment Board (CPPIB) has injected USD 100 million into Renew Power in exchange for Compulsorily Convertible Preference Shares (CCPSs).

Earlier in 2019, the Indian firm secured USD 350 million in debt financing from the Overseas Private Investment Corporation (OPIC) plus USD 435 million from the issue of green bonds.

As of June 2019, ReNew Power’s portfolio included over 8 GW of wind and solar plants across India, either commissioned or in development.

(USD 1.0 = EUR 0.885)

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