ReNew Power Ventures Pvt Ltd plans USD 600 mn IPO

India
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ReNew Power Ventures Pvt Ltd plans to raise up to USD 600 million (EUR 564m) from an initial public offering (IPO), the Economic Times said, citing informed people.

ReNew Power chairman Sumant Sinha confirmed to a leading newspaper that the company could launch an IPO within the next 12 months, but did not give any further information about the potential transaction.

Earlier, JERA Co. Inc. had bought a 10% stake in ReNew Power Ventures Pvt. Ltd before a proposed initial public offering of the clean energy firm, valuing the company at $2 billion. JERA is an equal joint venture between Japan’s largest utility Tokyo Electric Power Co. (TEPCO) and Chubu Electric Power Co. JERA has business interests across the energy value chain in businesses such as liquified natural gas and coal supply. 

ReNew Power had also secured long-term $390 million debt funding from ADB and raised $250 million from Overseas Private Investment Corp. and is in the process of raising $475 million through a masala bond.

Chennai-based Orient Green Power is the only listed renewable energy company in India while Azure Power is listed on the New York Stock Exchange and Mytrah Energy is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.

 

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