Privately held ReNew on Tuesday said that it had completed a $265m round of equity funding led by Abu Dhabi Investment Authority, with existing investors – including Goldman Sachs and Global Environment Fund – also chipping in more money.
The money will be spent on wind and solar projects across India.
Goldman Sachs is the biggest shareholder in New Delhi-based ReNew, which claims to have both the largest portfolio of commissioned renewables assets in India (totaling 700MW) as well as the largest portfolio under construction (900MW).
The “the preeminent company in the clean energy sector in India” will use the additional equity as it enters “a new phase of growth”, says chief executive Sumant Sinha.
Goldman first invested in ReNew in 2011, and through four rounds of equity funding has invested $370m to date. It pitched another $50m into the latest round.
ReNew has raised a total of $655m to date from a variety of investors. The developer controls an asset base worth more than $1.5bn and it expects that to swell beyond $2bn by the end of the year.
ReNew has partnered with major solar companies like Hanwha Q Cells and Hareon Solar on projects in India, and counts Indian compatriot Suzlon among its wind-turbine suppliers.
ReNew is active in eight Indian states, and has a development-stage portfolio of more than 1GW comprising utility-scale wind and solar, and rooftop PV projects.
Every project ReNew has built is registered with the UN Framework Convention on Climate Change.
