This Article is From Jul 03, 2014

ReNew Power Raises $140 Million From Investors, Including Goldman


ReNew Power Ventures Pvt Ltd has raised $140 million from three investors, including a private equity fund managed by Goldman Sachs, the renewable energy firm said on Thursday.

Asian Development Bank invested $50 million, while Global Environment Fund, a leading alternative asset investment firm focused on energy, environment and natural resources, invested $20 million, ReNew Power said in a statement.

Goldman Sachs, which had previously invested $250 million in the company in 2011, pumped in the remaining $70 million.

ReNew Power owns and operates 460 MW of renewable energy assets in five states across India and has another 500 MW projects in the pipeline, including a 50 MW solar project in Madhya Pradesh.

The latest fund infusion will enable ReNew Power to scale up as the company aims to double its clean energy portfolio to 1,000 MW by 2015, the statement said.

Copyright: Thomson Reuters 2014