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Sun 2 Jun 2019 05:32 PM

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Abu Dhabi injects new funds into India's largest green energy firm

Abu Dhabi Investment Authority is an investor in India's ReNew Power

Abu Dhabi injects new funds into India's largest green energy firm
Three 21 mega watt wind powered turbines owned by Edison Mission Energy sit at the mouth of Spanish Fork Canyon. Image taken on November 24, 2008. (Image for illustrate purposes only).

The Abu Dhabi Investment Authority (ADIA) is among a number of investors who have pumped $300 million in new funding into ReNew Power, India’s largest green energy company, the Economic Times newspaper reported on Friday.

ADIA, along with Goldman Sachs and Canada Pension Plan Investment Board, are already existing investors in the Indian green energy company, with the new investment coming about as a result of a recent rights issue, sources told the Economic Times.

“The company wants to increase confidence levels among investors with the proposed fund mop-up,” one unnamed source was quoted as saying.

ReNew plans to use the new $300 million in funding to finance new business growth and repay existing debts.

The company was founded in 2011 by Sumant Sinha, a former executive at wind turbine manufacturer Suzlon Energy.

Other investors in the firm include the Asian Development Bank, the Global Environment Fund and Japanese LNG firm JERA.

When JERA bought its 10 percent stake in 2017 the company was valued at around $2 billion.

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