Re New Power Ventures, an independent
renewable energy power producer in the country, is scouting for fresh
investors, its founder said.”We are looking for high quality investors who have
a good understanding of the renewable energy sector,” Sumant Sinha, founder
chairman and CEO at Re-New Power, told ET. Currently US investment bank Goldman
Sachs owns the company, which has an installed wind power capacity of 375 mw.
"Our
revenues consolidate into the parent account of Goldman Sachs and they directly
monitor our growth," said Sinha, who is a former chief operating officer
at Suzlon Energy, one of the largest
wind turbine manufacturers in the world. Goldman Sachs has invested about $320
million (approx Rs 1,980 crore in current exchange rate) in ReNew Power in two
phases, making it the largest investment so far in Indian renewable energy
generation industry.
"Their investment in the initial stage helped us adopt stringent policies and put in place financial parameters," Sinha said. Goldman invested $250 million in the first phase and announced another $135 million in the second phase. ReNew Power, which has wind power projects totaling 300 mw in the pipeline for next year, has so far spent the whole first round investment and half of the second round of funding.
"Their investment in the initial stage helped us adopt stringent policies and put in place financial parameters," Sinha said. Goldman invested $250 million in the first phase and announced another $135 million in the second phase. ReNew Power, which has wind power projects totaling 300 mw in the pipeline for next year, has so far spent the whole first round investment and half of the second round of funding.
Read more at Economic Times
http://economictimes.indiatimes.com/news/news-by-industry/energy/power/renew-power-scouts-for-fresh-investors-to-boost-production/articleshow/27764203.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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