ADB to provide equity investment of 50 million US dollars to ReNew Power
ADB announced to provide 50 million US dollars of equity investment into Indian company, ReNew Power.
The Asian Development Bank (ADB) on 3 July 2014 announced to provide 50 million US dollars of equity investment into an Indian company, ReNew Power Ventures Private Limited.
The investment will help the company’s growing pipeline of wind power projects which are at various stages of development across India with a total capacity of 1000 megawatts (MW).
The Investment will allow ReNew Power to tap into ADB’s extensive network, knowledge, and experience in the field of renewable energy, especially in India.
The equity investment of 50 million US dollars into ReNew Power Ventures is a signal to private sector companies that renewable sector in India is ripe for further investment.
In 2013, ADB invested 2.3 billion US dollars in clean energy and has pledged to continue investments of at least 2 billion US dollars per year.
India relies on expensive imports of coal and natural gas. The Government of India has set a goal of maintaining renewables’ current share of installed capacity through to 2023 and to reduce the dependence on imported fossil fuels and cut greenhouse gas emissions.
The investment by ADB will enable Re New Power Company to generate an extra 1000 gigawatt-hours of electricity, which will help eliminate nearly 1 million tons of carbon dioxide emissions.
About ReNew Power
ReNew Power Ventures Pvt. Ltd, an Independent Power Producer company, is committed to leading a change in the India’s current energy portfolio by delivering cleaner and smarter energy choices and thereby reducing India’s carbon footprint.
ReNew Power currently owns and operates nearly 500 MW of clean energy assets across India.