Gurugram-headquartered Renew Power, touted as India's largest renewable energy company by operational capacity, has secured funding of ₹64000 Crore ($7.8 billion) from two Government departments — PFC and REC — to develop renewable energy projects in the country.
ReNew on Friday said it has signed memorandums of understanding (MoUs) worth ₹64,000 crore, or $7.9 billion, with Central government’s power project financing arms PFC and REC, for its current and future green energy projects.
The funding will support ReNew in meeting its financing needs and enable the company to raise long-term financing for large-scale green energy projects.
At the Clean Energy Ministerial meeting held in Goa, the MoUs were signed with the lenders and according to these MoUs the NASDAQ-listed ReNew will receive ₹32,000 crore (around $3.9 billion) each from PFC and REC for financing its current and upcoming energy transition projects.
ReNew, which is aiming to increase its total solar capacity to 5.5GW, currently has three solar under construction projects in India, with a combined capacity of 110MW.
According to a media reports, projects of a total of 8 gigawatts (GW) have already been commissioned by ReNew.
In addition to these, another 6 GWs of projects are underway. ReNew has also won a 3 GW portfolio of projects. The funding is to be allocated toward this 9 GW of projects, which includes solar, wind power, green hydrogen, battery storage and cell manufacturing, said a media outlet citing one of the sources.
Power Finance Corporation Ltd. (PFC) is an Indian central public sector undertaking under the ownership of the Ministry of Power, Govt of India. It is the financial backbone of Indian power sector.
REC Limited (REC), formerly Rural Electrification Corporation Limited, of which PFC is holding company, finances and promotes power projects across India.
PFC is also one of the promoters in Energy Efficiency Services Limited (EESL), with NTPC, Powergrid and REC being the other promoters.
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