Goldman Sachs-Backed ReNew Power Eyes $950 Million Buyout Of Orange Renewable

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One of India’s leading renewable energy companies — ReNew Power Ventures Limited — is reportedly looking to further expand its portfolio through acquisition of another independent power producer.

ReNew Power Ventures is eyeing 600 megawatts of wind-dominated portfolio of Orange Renewable at an estimated price of $950 million, which includes $500 million debt. ReNew has entered a non-binding agreement with Orange and has undertaken due-diligence of the company, media reports state.

Orange Renewable operates 567 megawatts of wind energy assets spread across the states of Rajasthan, Madhya Pradesh, Andhra Pradesh, Maharastra, Karnataka, and Gujarat. The company recently entered the solar power market with a project in Maharashtra.

ReNew Power, which started out as a wind energy developer, has become a major player in the solar power market. The company reported in April 2017 that it doubled its installed capacity in a period of 12 months. Between April 2016 and March 2017 the company added 430 megawatts of solar and 626 megawatts of wind energy capacity.

Chairman and CEO Sumant Sinha founded the company in 2011 when it had an installed capacity of 200 megawatts. At the end of FY2016-17, the company had an installed capacity of 2,000 megawatts with an additional 1,000 megawatts under construction. This rapid expansion has been the result of the company’s commitment to contribute approximately 10% to India’s renewable energy target for FY2022, Sinha recently stated in the press release. With India’s target to have 150 gigawatts of wind and solar power capacity operational by March 2022, the company could be eyeing as much as 15 gigawatts of renewable energy capacity by the same time.

Goldman Sachs has been the major investor and stakeholder in the company and has supported it through equity investments since 2011. Over the years, ReNew managed to attract some major international investors including Global Environment Fund, Abu Dhabi Investment Authority, Asian Development Bank and JERA.

In November last year, ReNew also raised $74 million through masala (rupee-denominated) green bonds. The bond issue certified by the Climate Bonds Initiative was floated to finance implementation of two large-scale wind energy projects. 

ReNew Power is also working to float an initial public offering to raise up to $150 million. The company is expected to launch the IPO by March 2018. 

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

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