Indian renewable energy company ReNew Power has raised $265 million (Rs1,700 crore) of equity from the Abu Dhabi Investment Authority, U.S. financial services Goldman Sachs and Global Environment Fund, taking its total funding to $655 million, which is among the highest in the country after e-commerce firms.
In the latest round of funding, the Abu Dhabi Investment Authority has committed $200 million for a significant minority stake in ReNew Power, while existing investor Goldman Sachs has chipped in $50 million to raise its investment in the company to $370 million.
The company said that another existing investor, Global Environment Fund, will be investing $15 million to increase its exposure to $35 million.
The latest round of investments is part of the continued flow of large investment in the rapidly expanding renewable energy sector of the country, which aims to add 1.75 lakh megawatts of clean energy by 2022.