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India's ReNew Power secures $1 billion loan from 12 global lenders

·1-min read
FILE PHOTO: Power generating windmill turbines are pictured during the inauguration ceremony of the new 25 MW ReNew Power wind farm at Kalasar village

MUMBAI (Reuters) - India's ReNew Power said on Wednesday it had secured a $1 billion loan from 12 international lenders, led by Dutch-based Rabobank, in the largest external commercial borrowing for a single project in the country's renewable sector.

The loan will be used for ReNew's hybrid, round-the-clock, battery-enabled power supply project, the renewable energy producer and solar equipment maker said in a statement.

ReNew has signed a PPA or long-term power purchase agreement with Solar Energy Corp of India for the project, which will see wind and solar farms set up across Karnataka, Rajasthan, and Maharashtra states.

The loan "highlights the interest of global lenders in ReNew ... and shows its continued ability to access financing at much lower rates than several years ago, despite the current volatility in the currency markets and a rising interest rate environment," Chief Executive Sumant Sinha said.

ReNew Power, a unit of New York-listed ReNew Energy Global Plc, didn't say what interest rate it would pay on the loan.

The company has a gross total portfolio of about 12.8 GW of renewable energy projects across India.

(Reporting by Abhirup Roy; Editing by David Holmes)