Connect with us

Hi, what are you looking for?

CleanTechnica

Green Economy

India’s ReNew Power Starts Process To Launch IPO

One of India’s fastest-growing independent renewable energy power producers, ReNew Power Ventures, has initiated the process to launch an initial public offering (IPO).

According to media reports, ReNew Power Ventures has issued a request for proposal to appoint advisors for floating an IPO. The company was founded in 2011 by Sumant Sinha, who earlier worked at Suzlon Energy, a leading wind energy solutions provider. Earlier this year, the company claimed to have become the first in India to achieve 1 GW of operational renewable energy assets.

ReNew Power has so far attracted equity investments worth $650 million from the likes of Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank, and Global Environment Fund. These investments helped the company establish 29 wind and solar power projects across 9 states in India. The company has set a target of having operational assets of 6.5 GW of solar power and 5 GW of wind energy over the next 4-5 years.

The company also secured debt funding worth $250 million from the Overseas Private Investment Corporation (OPIC) to finance the construction of solar power projects. The company currently has a pipeline of 1,400 MW of capacity, including at least 988 MW of solar power projects.

Renewable energy companies listed on Indian bourses have not done well following their respective IPOs. Shares of Suzlon Energy have languished at less than US$0.5 per share for months following growing debt issues, and the company has only recently managed to curb this problem to some extent. Companies like Orient Green Power, Indowind Energy, and Inox Wind have failed to create significant value for the shareholders in the long-term.

If priced correctly, the ReNew Power IPO could be highly attractive to the investors, as the company is already among the leading companies in the sector.

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

You May Also Like

Clean Transport

Moove, the world’s first mobility fintech, launches in India as a part of its global expansion. According to its website, Moove is a Nigerian-born...

Cars

Log kya kahenge? (What will people say) This is the mindset that Jothi Viknesh, a 32-year-old from Tamil Nadu, sought to defeat when he...

Clean Transport

BILITI Electric recently announced plans to set up the world’s largest electric 3-wheeler manufacturing facility in India’s Telangana state. The plant will have a...

Clean Power

Welcome to another issue of our India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.