ReNew Power in talks with Partners Group for $200 mn funding

By Editor


Indian independent (clean) power producer ReNew Power is in talks with Switzerland-based private equity firm Partners Group to raise between $150 million and $200 million.

LiveMint reports ReNew Power intends to use the money to develop 400-megawatt of solar power capacity.

ReNew Power has close to 600MW of installed and operational clean energy capacity across Maharashtra, Rajasthan, Karnataka, Gujarat, Madhya Pradesh and Haryana.

Last July, the company had raised $140 million from investors Asian Development Bank, South Asia Clean Energy Fund India and Goldman Sachs.

In February, at the Re-Invest meet, ReNew Power had committed to develop 11,500 megawatts of renewable energy.

Other companies such as Welspun Energy, Reliance Power, Hindustan Powerprojects and SunEdison also committed to targets of 11,000 MW, 6,000 MW, 10,000 MW and 15,000 MW respectively.

In September 2011, ReNew Power had raised Rs1,000 crore from Goldman Sachs. It was the largest investment in India’s renewable energy sector at the time.

Currently, ReNew Power has a portfolio of 14 operational wind power projects located in four states that are capable of generating close to 545MW.

Also, the company also has a pipeline of close to 250MW in solar power projects across India.

Ajith Kumar S

[email protected]

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