ReNew Power inks pact with OPIC to raise up to $250 million

NEW DELHI: The Overseas Private Investment Corporation (OPIC), the US government’s development finance institution, will provide debt financing of up to $250 million for ReNew Power Ventures’ solar development projects in India, following a recent agreement signed between the two.

ReNew Power is already backed by investors such as Goldman Sachs, Asian Development Bank (ADB) Global Environment Fund (GEF) and Abu Dhabi Investment Authority (ADIA).

The OPIC funding will provide for 400 MW of capacity across multiple states. Founded in 2011, ReNew Power started with wind energy, but has also moved heavily into solar in the past year. It currently has 2400 MW of wind and solar assets across nine states.