ReNew Power, the clean energy firm has raised $140 million in equity investments from Asian Development Bank, Global Environment Fund’s South Asia Clean Energy Fund and Goldman Sachs, reported BusinessLine, The Hindu.
ReNew Power’s total equity investments has now reached $390 million (2,300 crore).
The company owns and operates 460 MW of renewable energy assets in five states. It has plans to double the clean energy portfolio to 1,000 MW by 2015. The new projects in the pipeline include a 50 MW solar project in Madhya Pradesh, added the news report.
Sumant Sinha, chairman, CEO, ReNew Power said, “This investment is at a time when there is a need to accelerate growth in the clean energy. It enables the company to select worthy projects ensuring greater returns for the stakeholders.”
Ankur Sahu, co-head, private equity, Goldman Sachs, Asia said, “Building on company’s initial $250million investment beginning from 2011, the growth continued creating jobs and helping reduce India’s carbon footprint.”
The company will implement a data analytics and business intelligence platform to monitor its assets in real-time and perform online diagnostics to improve overall wind farm performance.