This also comes after plans for an Indian IPO was halted
The company has planned to add 1 GW capacity this fiscal, ReNew Power Venture Chairman and CEO Sumant Sinha told PTI. It has installed generation capacity of 2.4 GW, at present. "We are aiming at 5 GW power generation capacity in the next two years time. We have planned to add 1 GW during this fiscal," Sinha said.
Solar today is a very small part of the overall grid. Even now it probably accounts for less than 2 percent of the total power generation in India, said Sumant Sinha, Chairman & CEO of ReNew Power Ventures.
Sumant Sinha, Chairman and CEO of ReNew Power said, over the next few months, the company will have an installed capacity of 510 MW solar power projects in Telangana and the total investment will cross Rs 3,700 crore.
The investment gives the Japanese company a 10 percent stake in the firm, giving ReNew an equity valuation of USD 2 billon.
"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.
Under the MOU, ReNew Power and IITD will establish a Chair in the area of Renewable Energy and Storage with representatives from both the entities. The collaboration will jointly propose research and training programmes for representatives of both ReNew and IIT Delhi to lead or participate in.
In a BSE filing, Inox Wind said it has bagged repeat order from "ReNew Power Ventures Pvt Ltd... for 50 MW wind power project to be executed in Gujarat".
The company has received a repeat order from ReNew Power Ventures for a 50 MW wind power project to be executed in the state of Gujarat in India.
The order includes S97 90m tubular tower and S97 120m hybrid tower with a related capacity of 2.1 MW each.
The company's total capacity from wind energy now stands at 880 MW, while the solar's share is around 180 MW.
The government has, though, tried to expand the tax space, gone in for simplification in tax laws, emphasized on tax dispute resolution and come out with ways to benefit the lower income groups, says Rajiv Memani, Chairman of India Region, EY.
ReNew Power Chairman and CEO Sumant Sinha said, "We are pleased to have commissioned this project, which is in line with our highest quality standards and engineering capabilities."
The funds will be used for capital expenditure related to implementation of solar and wind projects. "ReNew Power Ventures Pvt Ltd has raised new equity funding of USD 265 million from new and existing investors," the company said in a statement.
In a very interesting development that is taking place in infrastructure financing, India Infrastructure Financing Company (IIFCL) along with ADB and a few other partners have successfully issued India's first credit enhanced bond. In an interview to CNBC-TV18, SB Nayar, CMD at IIFCL & Sumant Sinha of Renew Power Ventures spoke about the same.
In a panel discussion with CNBC-TV18's Shereen Bhan, Sumant Sinha, Chairman & CEO ReNew Power Ventures, Arun Maira, Member, Planning Commission, Mukesh Butani Managing Partner, BMR Legal and Sunil Kant Munjal, Joint MD, Hero MotoCorp gave their reactions to Vote on Account speech.
Wind turbine maker Suzlon Energy has signed an equipment sale deal with ReNew Power Ventures for 300mw worth wind energy projects to be developed across India.
