Renewables MMI®: India’s ReNew Power Gets Goldman Sachs Investment

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India’s ReNew Power Ventures Pvt Ltd has raised $140 million from three investors, including a private equity fund managed by Goldman Sachs, the renewable energy firm said on Thursday.

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Asian Development Bank invested $50 million, while Global Environment Fund, a leading alternative asset investment firm focused on energy, environment and natural resources, invested $20 million, ReNew Power said in a statement. Goldman Sachs, which had previously invested $US250 million in the company in 2011, pumped in the remaining $70 million.

ReNew Power owns and operates 460 megawatts of renewable energy assets in five states across India and has another 500 megawatts of projects in the pipeline, including a 50-megawatt solar project in Madhya Pradesh.

The latest fund infusion will enable ReNew Power to scale up as the company aims to double its clean energy portfolio to 1,000 megawatts by 2015.

The week’s biggest mover on the weekly Renewables MMI® was Chinese cobalt cathodes, which saw a 2.4 percent increase to CNY 210,000 ($33,846) per metric ton. Chinese steel plate prices were off slightly at CNY 3,610 ($581.83) per metric ton, down from CNY 3,630 ($585.06) a week ago. At CNY 14,250 ($2,297) per metric ton, the price of silicon did not change since the previous week. At CNY 405,000 ($65,274) per metric ton, the week finished with no movement for neodymium.

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Japanese steel plate traded sideways last week, hovering around JPY 76,000 ($746.43) per metric ton. Closing at KRW 900,000 ($889.68) per metric ton, Korean steel plate remained unchanged for the week. The price of Chinese steel plate declined 0.6 percent over the past week, settling at CNY 3,610 ($581.83) per metric ton. At $866.00 per short ton, the price of US steel plate did not change since the previous week.

US grain-oriented electrical steel (GOES) continues hovering around $3,112 per short ton for the fifth day in a row.

The Renewables MMI® collects and weights 8 metal price points used extensively within the renewable energy industry to provide a unique view into renewable energy metal price trends. For more information on the Renewables MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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