Indian startup ReNew Power has raised more than $1 billion in funds this year alone. It raised the fund for its wind and solar business. India has now becomes a home for many Unicorn. One of the India’s unicorn is ReNew Power. Consequently, it gives a sign of the country’s move toward renewable energy.
ReNew Power is an Indian renewable energy company. Its quarter is in Gurgaon, Haryana, India. India has a renewable power capacity of 118 GW, the fifth-highest in the world. The power includes hydropower. The Indian government aims to hit 500 GW by 2030.
ReNew is the biggest independent renewable energy producer in the country. It generates about 5 GW, with another 3 GW of new projects built. Besides, it has more than 100 wind and solar plants. Those technologies generate about 1% of all India’s electricity. It also has a rooftop solar business that operates in about 20 states.
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Previously, India used coal-based energy to generate electricity. However, India now produces the world’s cheapest solar power, as stated in the International Renewable Energy Agency survey. Last year, half of the world’s 10 largest solar parks under construction were in India.
Alluring Investment
At the end of June, as India’s unicorn ReNew Power raised $300 million from investors. The investment comes from Goldman Sachs, Abu Dhabi Investment Authority, and Canada Pension Plan Investment Board. Each of them contributes $100 million.
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At the beginning of this year, ReNew received $350 million in debt from the Overseas Private Investment Corp, a US government’s development finance institution. The fund came after they ditch plans for an IPO. Besides, they also got $375 million by issuing green bonds from the same institution.
Other Indian companies benefiting from interest in clean energy include Greenko Energy Holdings. In June, sovereign wealth funds Abu Dhabi Investment Authority and GIC Holdings Pte Ltd agreed to invest in ReNew. They gave $495 million in the Hyderabad-based company.
