July 14, 2015
Mumbai
ReNew Power Ventures Private Limited
 
Ratings Withdrawn
 
Total Bank Loan Facilities Rated Rs.4400 Million
Long Term Rating Withdrawal
Short Term Rating Withdrawal
(Refer to Annexure 1 for Facility-wise details)

CRISIL has withdrawn its rating on the bank loan facilities of ReNew Power Ventures Private Limited(RPVPL) at the company's request and on receipt of no objection certificate from its bankers. The rating action is in line with CRISIL's policy on withdrawal of its bank loan ratings.

About the Company

RPVPL was set up in 2010 as an independent power producer (IPP) in the renewable energy segment. The company was founded by Mr. Sumant Sinha, former chief operating officer of Suzlon Energy Ltd, with seed capital of USD3 million. Subsequently, Goldman Sachs, through its private equity funds, invested USD320 million in RPVPL in multiple tranches. In July 2014, Asian Development Bank (ADB) and South Asian Clean Energy Fund (SACEF) invested USD 70 million in RPVPL for a stake of 15.85 per cent. Currently, the promoters held 0.01 per cent in RPVPL, while GS Wyvern Holdings Ltd (an investment arm of Goldman Sachs) held 84.11 per cent, and ADB and SACEF 11.3 and 4.55 per cent, respectively. RPVPL had operational capacity of 498 megawatts (MW) as on January 31, 2015.

Annexure 1 - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Million) Rating Facility Amount (Rs.Million) Rating
Letter of Credit 3400 Withdrawal Letter of Credit 3400 CRISIL A1(Notice of Withdrawal)
Short Term Loan 500 Withdrawal Medium Term Loan 100 Withdrawal
Working Capital Demand Loan 500 Withdrawal Short Term Loan 500 CRISIL A1(Notice of Withdrawal)
-- 0 -- Working Capital Demand Loan 500 CRISIL A-/Stable(Notice of Withdrawal)
Total 4400 -- Total 4500 --
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July 14, 2015

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