India's ReNew Power raises $140 mln from investors, including Goldman

MUMBAI, July 3 Thu Jul 3, 2014 5:52am EDT

MUMBAI, July 3 (Reuters) - India's ReNew Power Ventures Pvt Ltd has raised $140 million from three investors, including a private equity fund managed by Goldman Sachs, the renewable energy firm said on Thursday.

Asian Development Bank invested $50 million, while Global Environment Fund, a leading alternative asset investment firm focused on energy, environment and natural resources, invested $20 million, ReNew Power said in a statement.

Goldman Sachs, which had previously invested $250 million in the company in 2011, pumped in the remaining $70 million.

ReNew Power owns and operates 460 MW of renewable energy assets in five states across India and has another 500 MW projects in the pipeline, including a 50 MW solar project in Madhya Pradesh.

The latest fund infusion will enable ReNew Power to scale up as the company aims to double its clean energy portfolio to 1,000 MW by 2015, the statement said. (Reporting by Indulal PM; Editing by Prateek Chatterjee)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article