ReNew Power raises $1 bn through ECB for a project that uses batteries

19 Aug 2022 CW Team

ReNew Power, based in Gurugram, has partnered with 12 foreign banks to raise $1 billion for a project financing through External Commercial Borrowings (ECB). It is the first major project funding for renewable energy in India.

The money will be used by ReNew to support a future project that will utilise hybrid round-the-cock (RTC) batteries. After hedging, the interest rate is anticipated to be less than the balance sheet of the company's current average cost of debt.

For the battery project, the business and the Solar Energy Corporation of India (SECI) have inked a power purchase agreement at a unit price of Rs 2.90 with a 15-year escalation clause of 3%. In Karnataka, Rajasthan, and Maharashtra, it would establish wind and solar projects under RTC. Mitsui acquired a 49% share in the RTC project in April.

ReNew, a Goldman Sachs-backed renewable energy company, is the first one in India to do this. The company's portfolio of renewable energy sources totals 12.8 GW.

Also read:
Jindal Stainless to set up green hydrogen plant
MGVCL invites bids for solar projects in Gujarat

Infrastructure Transport

07 Apr 2026

Tunnelling Begins for Thane, Borivali twin tunnel project

Tunnelling work has commenced for the 11.84-km Thane–Borivali Twin Tunnel, set to be India’s longest urban road tunnel, marking a key milestone in Mumbai’s infrastructure development.As per a post shared by Mumbai Metropolitan Region Development Authority on social media platform X, the tunnel boring machine (TBM) ‘Nayak’—the country’s largest single-shield hard rock TBM for an urban tunnel—was launched by Devendra Fadnavis on Tuesday. The event was attended by Eknath Shinde and Sunetra Pawar, among other dignitaries. A second TBM, ‘Arjuna’, is expected to be launched so..

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..