ReNew, a renewable energy company, announced on Tuesday that it has secured a $100 million financing facility from FMO, the Dutch entrepreneurial development bank.
Extended to ReNew Solar Power under the Voluntary Retention Route (VRR), the 10-year financing will support renewable energy projects currently under construction across the ReNew Group, the company said.
“The 10-year facility gives us access to stable, long-term capital at a critical stage of our portfolio build-out, while further diversifying our funding sources across international and domestic markets,” Kailash Vaswani, chief financial officer, ReNew, said.
The facility qualifies under the 2X Challenge, a global initiative focused on advancing women’s economic participation and empowerment through investment.
ReNew has a clean energy portfolio of 20.5 gigawatts (GW), in addition to 6.4 GW of solar module and 2.5 GW of solar cell manufacturing capacity. The company is expanding its solar cell manufacturing capacity by another 4 GW, which is expected to be operational by December 2026.