Mumbai: ReNew Power Ltd, one of the largest renewable energy companies in India, has secured fresh debt financing of up to $350 million from existing investor Overseas Private Investment Corp. (OPIC), the US government’s development finance institution, the company said on Thursday.

In March 2016, OPIC had granted a loan of $250 million to ReNew Power. The money will be used to fund the construction of new wind and solar power plants.

“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 and sustainable energy solutions and invest in high quality projects to generate maximum returns for our stakeholders," said Sumant Sinha, chairman and managing director, ReNew Power.

As of February 2019, ReNew Power had a total capacity of over 6.5 gigawatts (GW) of wind and solar power assets, 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 catering to commercial and industrial customers.

“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. OPIC looks forward to continuing its partnership with ReNew Power and supporting its commitment to advancing economic development throughout the IndoPacific," said OPIC president and CEO Ray W. Washburne.

ReNew Power counts Goldman Sachs, sovereign wealth fund Abu Dhabi Investment Authority, Canadian pension fund Canada Pension Plan Investment Board, Japan’s Jera Inc. and Global Environment Fund among its investors.

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