Goldman and co sink $140m into Indian renewables firm

India’s ReNew Power Ventures Pvt Ltd has raised $US140 million from three investors, including a private equity fund managed by Goldman Sachs, the renewable energy firm said on Thursday.

Asian Development Bank invested $US50 million, while Global Environment Fund, a leading alternative asset investment firm focused on energy, environment and natural resources, invested $US20 million, ReNew Power said in a statement.

Goldman Sachs, which had previously invested $US250 million in the company in 2011, pumped in the remaining $US70 million.

ReNew Power owns and operates 460 MW of renewable energy assets in five states across India and has another 500 MW projects in the pipeline, including a 50 MW solar project in Madhya Pradesh.

The latest fund infusion will enable ReNew Power to scale up as the company aims to double its clean energy portfolio to 1,000 MW by 2015, the statement said.