ADIA leads $265m fundraising for India’s ReNew Power

In addition to the Abu Dhabi sovereign wealth fund, the renewable energy producer has raised new equity from Goldman Sachs and the Global Environment Fund.

The Abu Dhabi Investment Authority (ADIA) is the lead investor in Indian renewable firm ReNew Power Ventures’ latest $265 million fundraising round.

Abu Dhabi’s $773 billion sovereign wealth fund is committing $200 million for a significant minority stake in the company, alongside $50 million in new equity from Goldman Sachs – ReNew Power’s largest investor – and $15 million from the Global Environment Fund (GEF), an alternative asset manager with about $1 billion under management. Goldman and GEF have now respectively invested $370 million and $35 million in ReNew Power.

ReNew Power’s fourth round of funding takes its total equity raised to $665 million. The renewable power producer will deploy proceeds to fund new solar and wind projects.

“We are at an inflection point where transformational use of natural resources will define our energy future. This fundraise comes at an exciting time for us as we enter a new phase of growth,” said Sumant Sinha, ReNew Power founder chairman and chief executive.

Ankur Sahu, co-head of private equity at Goldman Sachs in Asia, said: “The additional investment further verifies and symbolises our continued conviction in the company’s strong future growth prospects and commitment to India’s focus on clean energy.”

Founded in early 2011 by Sinha, the company has more than 1.6 gigawatts (GW) of commissioned and under-construction clean energy assets across eight states in India. It has a development pipeline of more than 1GW of solar, wind, and solar rooftop projects.