ReNew Power to come up with an IPO - Indian IPO Blog

Saturday, April 8, 2017

ReNew Power to come up with an IPO

India's largest clean energy producer ReNew Power is planning to come up with an initial public offering (IPO) of shares to raise up to $600 million after it closed the latest round of funding from Japan's JERA, a joint venture between Tokyo Electric Co. and Chubu Electric Co that valued it at $2billion, said people directly aware of the plans.

"The IPO could be launched within the next 12 months and could be amongst the largest listings of shares in recent times," ReNew Power Chairman Sumant Sinha told ET without providing specific details about the listing

ReNew Power Ventures is an Indian renewable energy company headquartered in Gurgaon, Haryana, India. It is an Independent Power Producer (IPP) of clean energy with an installed capacity of more than 1000 MegaWatt across the states of Rajasthan, Madhya Pradesh, Haryana, Karnataka, Andhra Pradesh, Telangana, Maharashtra and Gujarat. ReNew Power commissioned its first wind farm project in Rajkot district in Gujarat in 2012

ReNew Power was established by Mr. Sumant Sinha in January 2011. Goldman Sachs committed US$200 million in Sept 2011. Further investments by Abu Dhabi Investment Group (US$200 M), Goldman Sachs(US$170 M), Asian Development Bank (US$50 M) and Global Environment Fund (US$35 M) have taken the total equity to US$655 million. In March 2016, ReNew Power secured a US$250 million line of long-term credit from the Overseas Private Investment Corporation (OPIC), an agency of the US government, for funding its solar projects. In February 2017, the company exchanged 10% stake for US$200 million from JERA Co, a major buyer of liquefied natural gas that is a joint venture between Tokyo Electric Power and Chubu Electric Power

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