Renewable energy firm ReNew Power Ventures Ltd has announced that it has secured long-term debt financing of $390 million (approximately Rs 2,650 crore) from Asian Development Bank (ADB).
“This is the first transaction to include in its financing plans funding from ADB as well as Leading Asia's Private Sector Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency (JICA) and is administered by ADB,” a company statement said.
According to the statement, the proceeds will be utilised by the company to develop and expand capacities in Andhra Pradesh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh and Telangana.
“The additional debt financing from Asian Development Bank will continue to help us retain our competitive advantage and also fast track the execution of our existing projects as well as add new growth capacities,” ReNew Power Ventures Chairman & CEO Sumant Sinha said in the statement.