India’s ReNew Power secures $390 million in multilateral financing

The Asian Development Bank (ADB) will provide half of the rupee-denominated package at a 9% interest rate, with the Japan International Cooperation Agency’s LEAP fund to offer the remaining funds.

In an online statement, the ADB said that it is providing the funds to the Gurgaon-based company to help it address India’s ongoing energy shortage, whilst also assisting it in fulfilling the Indian government’s renewable energy installation goals.

The ADB has been providing assistance to ReNew since last year, in line with its Strategy 2020 poverty alleviation program.

ReNew Power, which is backed by Goldman Sachs and the Abu Dhabi Investment Authority, expects to finish all of the projects by the end of 2017, with all electricity to be sold to regional utilities. It aims to annually install 3.5 GW of renewables capacity in India through the end of the decade.

Last May, ReNew finished building a 72 MW solar array in the Indian state of Andhra Pradesh in cooperation with China’s Hareon Solar. Last April, ReNew revealed that its solar and wind installations in India had surpassed the 1 GW mark.