ReNew Power – IPO

ReNew Power Ventures Pvt. Ltd. is an Independent Power Producer (IPP) of clean energy with more than 3000 MW of commissioned and under-construction clean energy assets. As of November, ReNew Power had an operational capacity of around 2.4 GW (of which more than 60% was constituted by wind and 30% by solar). The company is majorly owned by Goldman Sachs while Japan’s JERA Co. Inc. also holds a 10% stake. ReNew Power also received investments from Asian Development Bank, Abu Dhabi Investment Authority, and Global Environment Fund.

ReNew Power Venture Ltd. is looking at launching a $700 million IPO before the second half of the next calendar year. There is only a handful of renewable energy firms listed in India. Chennai-based Orient Green Power is the only listed renewable energy company in India. India’s leading solar energy company Azure Power is listed on the New York Stock Exchange. Hyderabad-based Mytrah Energy is also listed on London Stock Exchange’s Alternative Investment Market (AIM).

ReNew Power has an impressive pipeline of 3,200 MW of solar and wind power generation projects. It is also looking at acquiring solar energy projects from one of India’s leading solar energy firms, Waaree Energies Pvt Ltd. Re-New Power is also exploring a purchase of renewable company Orange’s portfolio for $900 million and is also in discussions to acquire renewable energy platform Ostro Energy (for an enterprise value of INR 10,000 crore). All these acquisitions, if successful, could consolidate ReNew Power’s position as the largest renewable energy company in India.

ReNew Power has a portfolio of operational wind projects, utility scale solar and rooftop solar across various states in India. It commissioned the largest solar farm in Telangana in April and also invested INR 6,700 crore to double its capacity to cross the 2 GW mark this year. ReNew Power is a leading player in the renewables segment in India, backed by marquee investors and an impressive project pipeline.

India has an emerging green economy and investors should be in a good position to benefit from this growth through the upcoming ReNew Power’s IPO.