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ReNew Power Secures Additional OPIC Debt
Funding of up to $350 Million
ReNew Power Limited
N
ew Delhi, India, February 21, 2019:
ReNew Power Limited, India’s
largest renewable energy IPP in terms
of total energy generation capacity*,
today announced that it has secured
fresh debt financing of up to USD 350
million from the Overseas Private
Investment Corporation (OPIC), the US
Government’s development finance
institution. This follows an earlier round
of financing when OPIC had granted
a loan of USD 250 million to ReNew
Power Ltd. in March 2016.
The funds will be utilized by ReNew
Power to support construction of
new wind and solar power plants in
India. This will strengthen ReNew’s
contribution to the goal of diversifying
India’s power generation mix with an
increasing proportion of energy being
generated from renewable sources.
On this occasion, Sumant Sinha,
Chairman & Managing Director, ReNew
Power Ltd. said, “We are happy that
OPIC has once again reposed their
trust in ReNew Power and our vision
to transform India’s energy landscape.
This fresh round of debt funding from
OPIC is a validation of ReNew Power’s
strong performance as a provider
of clean, affordable energy in India.
I wish to reiterate our commitment
to develop innovative & sustainable
energy solutions and invest in high
52 | may-june 2019
quality projects to generate maximum
returns for our stakeholders. “
In a statement, OPIC President and CEO
Ray W. Washburne said, “Investment in
new and reliable energy will help India
diversify its power generation, which is
critical in order to meet growing energy
demand and sustain economic growth,”
said Washburne. “OPIC looks forward to
continuing its partnership with ReNew
Power and supporting its commitment
to advancing economic development
throughout the Indo-Pacific.”
About ReNew Power
ReNew Power Limited is India’s largest
renewable energy IPP (Independent
Power Producer) in terms of total
energy generation capacity*. As of
February 2019, ReNew had a total
capacity of over 6.5 GW of wind
and solar power assets across the
country, including commissioned
and under development projects. It
develops, builds, owns and operates
utility scale wind and solar energy
projects as well as distributed
solar energy projects that generate
energy for commercial and industrial
customers. ReNew has a strong
track record of organic and inorganic
growth having nearly doubled its
operational capacity in each of the
last three Fiscal Years. ReNew’s
broad base of equity investors
include Goldman Sachs, JERA, ADIA,
CPPIB, and GEF SACEF India.
ReNew Power Limited is proposing,
subject to the applicable statutory
and regulatory requirements, receipt
of requisite approvals, market
conditions and other considerations,
to undertake an initial public offering
of its Equity Shares and has filed the
DRHP with SEBI on May 8, 2018.
The DRHP will be available on the
websites of SEBI at www.sebi.gov.
in, BSE at www.bseindia.com, NSE
atwww.nseindia.com and GCBRLMs,
i.e. at www.investmentbank.kotak.
c o m , w w w. m l i n d i a . c o m , w w w.
goldmansachs.com,www.jmfl.com
www.jpmipl.com and
Any potential investors should note
that investment in equity shares
involves a high degree of risk and for
details relating to the same, please
refer to the DRHP, including the
section “Risk Factors” on Page 23 of
the DRHP. Potential investors should
not rely on the DRHP filed with SEBI
for making any investment decision.
This announcement does not
constitute an offer of securities for
sale in any jurisdiction, including
the United States. The securities
described in this announcement may
not be offered or sold in the United
States absent registration under
the US Securities Act of 1933 or an
exemption from such registration.
Any public offering of securities to
be made in the United States will be
made by means of a prospectus that
will contain detailed information
about the Company, its management,
as well as its financial statements. No
public offering or sale of securities in
the United States is contemplated.
www.renewpower.in
Global MDA Journal