ReNew Power secures $390 million from ADB

ReNew Power has announced a long-term debt financing of $390 million from ADB. Proceeds from this ADB investment will be utilised by the company to develop and expand capacities in Andhra Pradesh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh and Telangana. The company recently won the mandate to install 5 MW of renewable energy capacity pan-India for the Indian Railways as well. Apart from this, there have been reports of the company contemplating an initial public offering (IPO).