India : ReNew Power COVID-19 Liquidity Support Project

Nonsovereign Project | 54165-001

Financing provided to ReNew Power Private Limited (RPPL) to part finance its working capital needs arising out of cash flow mismatches that may occur on account of the economic impacts of the coronavirus disease.

Project Details

  • Project Officer
    Patil, Avesh
    Private Sector Operations Department
    Request for information
  • Country/Economy
    India
  • Sector
    • Energy
Project Name
ReNew Power COVID-19 Liquidity Support Project
Project Number
54165-001
Borrower / Company
  • ReNew Power Private Limited
Country / Economy
  • India
Location
Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh
Type or Modality of Assistance
Approval Number Facility Fund Source Amount Status
7639 Debt Security Ordinary capital resources INR 3,738.00 million Committed
Operational Priorities
  • OP2: Accelerating progress in gender equality
  • OP3: Tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability
  • OP4: Making cities more livable
Sector / Subsector
  • Energy / Renewable energy generation - solar - Renewable energy generation - wind

Gender
Effective gender mainstreaming
Project Sponsor(s)
  • Abu Dhabi Investment Authority
  • Canada Pension Plan Investment Board
  • GS WYVERN HOLDINGS LTD
  • JERA B.V.
Description
Financing provided to ReNew Power Private Limited (RPPL) to part finance its working capital needs arising out of cash flow mismatches that may occur on account of the economic impacts of the coronavirus disease.
Objectives and Scope
The financing would be used to meet any short-term cash flow mismatches at RPPL or any of its subsidiaries.
Status of Development Objectives
Based on the FY2021 reporting, the Borrower is on track to achieve the project's development targets.
Status of Operation/Construction
The project did not involve any direct construction activity.
Linkage to Country/Regional Strategy

The project, through its support for sustaining operations of renewable energy, is consistent with ADB's Strategy 2030 with respect to the following operational priorities: (i) operational priority 2: accelerating progress in gender equality; (ii) operational priority 3: tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability.; and (iii) operational priority 4: making cities more livable.

The project is aligned with ADB's $20 billion response package to the COVID-19 pandemic (announced on 13 April 2020).

The project is also aligned with ADB's operational plan for Private Sector Operations 2019-2024, as well as ADB's Energy Policy, as it supports the operations of India's largest renewable energy company.

Safeguard Categories

Environment
C
Involuntary Resettlement
C
Indigenous Peoples
C

Summary of Environmental and Social Aspects

Environmental Aspects
The transaction is classified as category C for environment. ADB funds will not be used to finance construction, or any project development activities. RPPL has established an Environmental and Social Management System (ESMS) that is aligned with ADB's Safeguards Policy Statement (SPS) to manage E&S impacts. The environmental and social measures and the institutional capacity and commitment of RPPL to manage the project's environmental and social impacts are deemed adequate.
Involuntary Resettlement
The project is classified as category C for involuntary resettlement. There are no expected IR impacts as the proposed emergency loan will not be used to finance any construction or project development activities that will result in physical or economic displacement.
Indigenous Peoples
The project is classified as category C for Indigenous Peoples. ADB funds will not finance any construction or project development activities that will have impacts to vulnerable socio-cultural groups or scheduled tribes identified as indigenous peoples per ADB SPS 2009.
Stakeholder Communication, Participation, and Consultation
RPPL's environmental and social management system includes provisions and procedures for stakeholder engagement, community consultation and grievance resolution.

Contact

Responsible ADB Officer
Patil, Avesh
Responsible ADB Division
Portfolio Management Division, PSOD
Responsible ADB Department
Private Sector Operations Department

Timetable for assistance design, processing, and implementation

Concept Clearance
09 Jun 2020
Credit Committee Meeting
29 Jun 2020
Approval
29 Jul 2020
Last PDS Update
08 Aug 2022

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.


Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.


Evaluation Documents See also: Independent Evaluation

None currently available.


Related Publications

None currently available.


The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.