Original disclosure @ ADB website
Updated in EWS Aug 18, 2022
Disclosed by Bank Jun 18, 2020
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According to ADB website, the financing provided to ReNew Power Private Limited (RPPL) will partly finance its working capital needs arising out of cash flow mismatches that may occur on account of the economic impacts of the coronavirus disease.
The ReNew Power Private Limited (RPPL) is the largest independent renewable energy company in India, and will use the facility to partially finance its working capital needs arising out of cashflow mismatches that may occur as a result of delayed payments from its customers because of the coronavirus disease (COVID-19) pandemic. RPPL is anticipating such delays from its main customers—India’s state power distribution companies (DISCOMs)—as a result of the lockdown (announced by the Government of India on 24 March 2020) to contain the spread of COVID-19, and the resulting subdued economic activity. The lockdown and reduced economic activity have also led to a temporary decline in power demand. Industries and commercial establishments are normally profitable DISCOM customers but have substantially reduced their power consumption, which is negatively impacting DISCOM cash flows.
ReNew Power Limited operates as a power generating company. The Company generates electricity through solar and wind power plant. ReNew Power serves customers in India.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||ReNew Power Private Limited||Client||-|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Portfolio Management Division, PSOD|
|Responsible ADB Officer||Patil, Avesh|
ACCOUNTABILITY MECHANISM OF ADB
The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main