ReNew Power ties-up USD1 billion ECB consortium loan for renewable energy project funding

ReNew Power has tied up with 12 international lenders, led by Rabobank, for external commercial borrowings (ECB) project finance loan in the renewable sector, for any single project.

This USD1 billion loan has been tied up through a special purpose vehicle. ReNew will use the funding for its upcoming 1,300 MW hybrid round-the-cock (RTC) battery-enabled project. The company has signed a power purchase agreement (PPA) with the Solar Energy Corporation of India Limited (SECI) for this project at Rs 2.90 per unit with 3 per cent escalation annually for 15 years which will then stabilise for the remaining 10 years of the 25-year PPA. It will set up wind and solar projects across the states of Karnataka, Rajasthan, and Maharashtra. In April 2022, Mitsui & Company Limited picked up 49 per cent stake in this RTC project.

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