India’s ReNew Power Eyes $150 Million IPO

One of India’s largest independent renewable energy producers — ReNew Power Ventures — is said to be considering an initial public offer to raise funds for expansion of its assets.

According to media reports, the company is looking to raise a total of $300 million, including $100-150 million through initial public offer (IPO). The offer may hit the market in March of next year, according to company chairman Sumant Sinha.

The company was reported to have started the regulatory process for filing the IPO earlier this year.

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.

Among new companies in India in the last 5 years, ReNew is fifth-largest in terms of total equity raised, the second largest in terms of total capital raised, and the largest on both counts in the renewable energy sector in India, the company has claimed.