Goldman-Backed ReNew Power Raises Additional $140 Million

ReNew Power Ventures Pvt., a financier of wind and solar farms in India, raised $140 million from Goldman Sachs Group Inc. (GS), the Global Environment Fund and Asian Development Bank.

Goldman Sachs will provide an additional $70 million, ReNew said today in an e-mailed statement. It has already invested $385 million in the Gurgaon-based developer since 2011. The ADB will invest $50 million and an Indian fund managed by GEF will provide $20 million, according to the statement.

The money will allow ReNew to double its clean-energy portfolio to 1,000 megawatts by 2015, ReNew said. Goldman Sachs has invested more than $3 billion in clean energy companies such as Nordex SE (NDX1) and Dong Energy A/S, according to the statement.

To contact the reporter on this story: Natalie Obiko Pearson in New Delhi at npearson7@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Tony Barrett, Abhay Singh

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