Gurgaon-based ReNew Power has raised a $1-billion project loan through external commercial borrowings (ECB), tying up with 12 international banks for the finance. The company said it is the single largest project funding in Indian renewable energy.
ReNew will use the funding for its upcoming hybrid round-the-cock (RTC) battery-enabled project. “The interest rate, after hedging, is expected to be lower than the Company’s current average cost of debt on its balance sheet,” it said in a statement.
The company has signed a power purchase agreement with the Solar Energy Corporation of India (SECI) for the battery project at Rs 2.90 per unit with 3 per cent escalation annually for 15 years.
