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, India.
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.
“ReNew 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.
“The 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 development.