India: ReNew Power Investment Project

Nonsovereign Project | 47926-014

Summary

The Project involves the construction and operation of at least 1,000 MW of renewable power generation, across various states in India. Of the total 1,000 MW, 325 MW has already been commissioned and another 174 MW will be commissioned by end March 2014. The remaining capacity is expected to be commissioned by 2015.

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Project Name ReNew Power Investment Project
Project Number 47926-014
Borrower/Company RENEW POWER VENTURES PVT LTD
Country India
Location
Approval Number 7406
Type or Modality of Assistance
7406 Equity USD 50.00 million Committed
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Drivers of Change Private sector development
Sector / Subsector Energy - Renewable energy generation - solar
Gender Equity and Mainstreaming No gender elements
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Infrastructure Finance Division 1
Responsible ADB Officer Mohammed Azim Hashimi
Project Sponsor(s) Sumant Sinha & Cognisa Investments
GS Wyvern Holdings Limited
Description The Project involves the construction and operation of at least 1,000 MW of renewable power generation, across various states in India. Of the total 1,000 MW, 325 MW has already been commissioned and another 174 MW will be commissioned by end March 2014. The remaining capacity is expected to be commissioned by 2015.
Objectives and Scope

ADB''s investments will be used to partially fund the ReNew Power Ventures Private Limited ( ReNew or the Company ) equity injection in the pipeline portfolio of at least 560 megawatts (MW) of additional wind power capacity energy projects.

The project is expected to accelerate India''s economic growth by providing additional large scale power generation capacity in India. It will contribute to the development of renewable energy generation and help reduce global greenhouse gas emissions in line with United Nations' Millennium Development Goals. The project will help in preserving India's energy mix by increasing the level of reliance on indigenous renewable resources.

Linkage to Country/Regional Strategy The project is consistent with ADB's Strategy 2020. It relates to two of the five core specializations of the bank: infrastructure and environment. In particular, the strategy calls for ADB's support for clean energy development to meet growing energy demands in a sustainable manner. The project will also contribute to the bank's operational goal of scaling up private sector development and private sector operations. The project will also contribute to ADB's operational goal of scaling up private sector development. The project is aligned with the India country partnership strategy, 2013-2017, which calls for 'investments in renewable energy development, particularly solar'.
Status of Development Objectives Project is still under implementation.
Material Changes -
Safeguard Categories
Environment B
Involuntary Resettlement B
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects The project is classified as category B for impacts on the environment. The potential environmental impacts of the subprojects are generally site-specific, reversible, and mostly associated with construction activities which can readily be addressed through mitigation measures. These typically include land clearing for site preparation and access roads, transportation of components and materials, excavation and construction of foundations, and installation of equipment. Issues may potentially include occupational and community health and safety, visual intrusion, noise and vibration, soil erosion, and threat to bird and bat population. Effective measures to avoid, minimize, mitigate, and compensate for the adverse impacts will be incorporated in the Initial Environmental Examination reports and environmental management plans. ReNew will apply ADB's prohibited investment activities list, ensure that investments abide by applicable national laws and regulations, comply with ADB Safeguard Policy Statement (2009) and establish and maintain an appropriate Environmental and Social Management System (ESMS).
Involuntary Resettlement Land acquisition for wind farm in India commonly includes three land types of (i) forest land under the management of central government, (ii) revenue land under the management of state government, and (iii) private land. Renew or its contractors will lease land for the first two land types. The private land is based on negotiated land acquisition. Land acquisition will be implemented under the guidance of the ESMS and the resettlement plan will prepared if the policy is triggered.
Indigenous Peoples There is no Scheduled Tribes in the wind farm locations owned by Renew. The project has no impacts on Indigenous Peoples. The indigenous peoples screening will be incorporated in Renew's ESMS.
Stakeholder Communication, Participation, and Consultation The consultation and participation process is carried out with relevant stakeholders, especially with local communities. The stakeholders communication, participation and consultation is handled by the development of the environmental and social management system (ESMS).
Timetable for assistance design, processing and implementation
Concept Clearance 18 Sep 2013
Due Diligence 12 Dec 2013
Credit Committee Meeting 31 Mar 2014
Approval 16 May 2014
PDS Creation Date 03 Aug 2013
Last PDS Update 24 Sep 2014
Title Document Type Document Date
ReNew Power Investment Project: Project Data Sheet (हिन्दी) Translated PDS May 2014
ReNew Power Investment Project Reports and Recommendations of the President Apr 2014
ReNew Power Investment Project Initial Poverty and Social Analysis Aug 2013

Safeguard Documents

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Evaluation Documents

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