ReNew Power Ventures said on Tuesday that it has signed an agreement to receive debt financing of up to $250 million from the Overseas Private Investment Corporation, the US Government’s development finance institution.
The company said that the funds will be utilised to construct 400 MW of new solar power projects across India.
“ReNew Power will have an edge in the competitive bidding scenario for solar projects through this long-term OPIC facility,” said Sumant Sinha, Chairman and Chief Executive Officer, ReNew Power.
ReNew Power has more than 2,400 MW of clean energy assets. Its projects are in nine States – Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Jharkhand. The company has investors such as Goldman Sachs, Abu Dhabi Investment Authority, Asian Development Bank and the Global Environment Fund.