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

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 plantMGVCL invites bids for solar projects in Gujarat