ReNew Power raised equity worth $265 million from Abu Dhabi Investment Authority

In a related development, ReNew Power has raised equity worth $265 million from the Abu Dhabi Investment Authority, Goldman Sachs and the Global Environment Fund (GEF), taking the total funds raised in recent times to $655 million. In this round of funding, the Abu Dhabi Investment Authority has committed $200 million for a significant minority stake in ReNew Power, while existing investor Goldman Sachs has chipped in $50 million to raise its investment in the company to $370 million. Another existing investor, the GEF, will be investing $15 million to increase its exposure to $35 million. ReNew Power currently has an asset base of over $1.5 billion and expects to close 2016-17 with an asset base of over $2 billion. The company owns about 1,600 MW of wind and solar power projects, of which 700 MW has been commissioned.

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