Indian clean energy company ReNew Power has announced that it has raised new equity funding of $265m from new and existing investors.
A subsidiary Abu Dhabi Investment Authority (ADIA) is the lead investor in the latest funding round.
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The company will use the funds for capital expenditure related to implementation of solar and wind projects.
ReNew Power founder, chairman and CEO Sumant Sinha said: "This deal further positions ReNew as the preeminent company in the clean energy sector in India.
"We are at an inflection point where transformational use of natural resources will define our energy future. This fundraise comes at an exciting time for us as we enter a new phase of growth.
"The years ahead will define ReNew Power’s role in transforming how energy is produced, transmitted and distributed in this country."
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By GlobalDataGoldman Sachs, which is an existing investor, will invest another $50m in the company. With this, Goldman’s share of investment will be increased to $370m in the fourth-round.
Another present investor Global Environment Fund will also add $15m in additional capital to take its total funding to $35m.
Global Environment Fund India Advisors managing director Sridhar Narayan said, "We are delighted to participate again with world class partners investing in ReNew Power which has managed to consistently deliver scalable and optimal wind and solar projects across multiple states.
"Drawing on GEF’s experience investing in the renewable energy value chains across the Americas, Europe and Asia, we are looking forward to working with ReNew Power in building a world class energy company."
ReNew Power was founded 2011 and has more than 1,600 MW of commissioned and under-construction clean energy assets, out of which over 700 MW assets are already being commissioned.
At present, it operates in eight Indian states.
The company also has a development pipeline of more than 1GW solar, wind and solar rooftop projects.
