The Overseas Private Investment Corporation (OPIC), the US
Government’s development finance
institution, and ReNew Power, a solar and wind power producer, have signed a commitment
of approximately $74 million to set up a 100 MW solar project in Telangana,
In March this year, ReNew Power signed an agreement
with OPIC to receive debt financing of up to $250 million as part of the the
ReNew Master Financing Facility. The Telangana solar project is the first to be
approved under this facility to develop, construct, and operate solar projects under
the National Solar Mission (NSM). Under
the ReNew Master Financing Facility, up to 400 MW of solar projects will be
constructed in India across multiple states.
Power will have an edge in the solar competitive bidding scenario through this
long-term OPIC facility,” commented Sumant
Sinha, Chairman and CEO of ReNew Power.
partnership of OPIC with ReNew Power will have a transformative impact by
helping India reduce its emissions and increase energy capacity through a
diversified power generation mix,” said
OPIC President and CEO, Elizabeth L. Littlefield.
According to Mercom’s India Solar Project Tracker, ReNew Power
has commissioned 264 MW of solar projects so far and has 1,352 MW of projects under