OPIC to provide US$74 million funding for ReNew’s 100MW India solar project

Facebook
Twitter
LinkedIn
Reddit
Email
Flickr: Sanyam Bhagha

The Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution, will provide US$74 million to Indian energy firm ReNew Power Ventures for a 100MW solar farm in the Indian state of Telangana.

This is the first project to go ahead under the US$250 million financing facility between OPIC and ReNew, known as the ReNew Master Financing Facility, which was announced in March. It will be used for the development, construction and operation of 400MW of separate PV projects under India’s National Solar Mission (NSM). The aim is to accelerate the timeline for financing new renewable energy projects.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Back in March, Sumant Sinha, chairman and chief executive of ReNew Power said: “ReNew Power will have an edge in the solar competitive bidding scenario through this long-term OPIC facility.”

OPIC mobilizes private capital to help address critical development challenges, often helping US businesses to enter emerging markets, but in this case it is helping an Indian firm.

OPIC president and chief executive Elizabeth Littlefield said: “In India, outdoor air pollution is an ever growing public health concern. OPIC’s partnership with ReNew Power Ventures will have a transformative impact by helping India both reduce its emissions and increase energy capacity in the country through a diversified power generation mix. OPIC is committed to assisting India in its transition to a low carbon economy by investing in clean energy projects.” 

Earlier this month, reports emerged that Indian government and three of its state-run companies are setting up a US$2 billion equity fund to help renewable energy companies meet the country's ambitious targets.

On Monday consultancy firm Bridge to India explained how India's sudden crackdown on black money is unlikely to affect solar, but a lack of due diligence from lenders may be allowing other malpractice to thrive.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA