India’s ReNew Power Gets $200 Million In Fresh Equity Infusion
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One of India’s largest independent renewable energy power generators — ReNew Power Ventures — is now valued at $2 billion following the latest round of equity infusion.
Goldman Sachs-backed renewable energy project developer ReNew Power Ventures recently reported that a Japanese company was issued equity shares worth $200 million. Jera Co., a joint venture between Tokyo Electric Power Group (TEPCO) and the Chubu Electric Power Group, acquired 10% in the Indian company through this transaction.
ReNew Power currently has a pipeline of 3,000 megawatts, with around half of it already operational. This latest round of funding will allow the company to add another 1,000 megawatts to this pipeline. The company is expected to take part in several upcoming auctions in the solar power sector and set up projects in the wind energy market as well. According to CEO Jayant Sinha, these projects are likely to enter the pipeline over the next 6-9 months while their operationalization will take another 6-9 months.
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 raised more than $2 billion in debt to finance its projects. Most recently, the company secured $390 million from Asian Development Bank for 709 megawatts of solar and wind energy capacity. It also raised $74 million through placement of green bonds certified by the Climate Bonds Initiative to fund two wind energy projects.
CEO Jayant Sinha reiterated plans for initial public offer, or IPO, as the ‘next logical step.’ The company was reported to have plans for $100-150 million IPO.
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