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ReNew Power secures $1 billion for 1.3 gigawatts of India renewables

August 18, 2022

Energy Storage News:

US$1 billion financing has been secured for a ‘Round-The-Clock’ (RTC) renewable energy project in India, marking the biggest single-project clean energy deal in the country, developer ReNew Power has claimed.

Renewables-focused independent power producer (IPP) ReNew Power said yesterday that it has reached agreement on a project finance loan with 12 different international lenders for the 1,300MW mixed technology project.

Anticipated to include 900MW of wind and 400MW of solar PV deployed across regions in three Indian states: Karnataka, Rajasthan and Maharastra, the inclusion of battery energy storage system (BESS) technology is designed to make the energy dispatchable 24/7 throughout the year.

This means it can be competitive technologically to thermal energy sources like coal to provide baseload energy, the IPP claimed.  

ReNew Power said interest in the financing deal was oversubscribed. The brokering of the External Commercial Borrowings (ECB) project finance loan was led by Dutch finance group Rabobank and included seven first-time project lenders to the IPP as well as five existing lenders.

[Andy Colthorpe]

More: ReNew Power claims India’s ‘biggest ever’ finance deal made for battery-backed renewable energy project

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