ReNew Power $390 million project financing

Overview:

• ReNew Power Ventures (ReNew)—an independent power producer in India—has received $390 million in long-term secured debt financing from Asian Development Bank (ADB) to develop solar and wind power projects.
• The funding will assist seven SPVs owned by ReNew, and the solar projects will have a total capacity of 398MW in Jharkhand and Telangana, and wind power projects will have a capacity of 311MW in Andhra Pradesh, Gujarat, Karnataka and Madhya Pradesh.
• This is the first transaction of its kind involving ADB and Leading Asia's Private Infrastructure Fund (LEAP). LEAP is a funding arrangement established by Japan International Cooperation Agency (JICA) and is administered by ADB. 

Wai Yee Tsang - Journalist