ReNew Power To Buy 700MW Of Renewable Energy Assets

In Clean News, News, Renewable Energy

India’s largest renewable power company ReNew Power Ltd is in discussions to acquire around 700 megawatts (MW) of renewable assets.

ReNew Power on 8 May filed the draft documents for its initial public offering (IPO). As per the prospectus, the company will raise Rs2,600 crore in fresh capital, while its private equity investors will sell an aggregate of 94.37 million shares.

ReNew Power counts Goldman Sachs, sovereign wealth fund Abu Dhabi Investment Authority, Canadian pension fund Canada Pension Plan Investment Board, Japan’s Jera Inc. and Global Environment Fund among its investors.

They have disclosed in the Draft Red Herring Prospectus (DRHP) that they are in advanced discussions on another 700MW of M&A (merger and acquisition) opportunities, where at the very least, binding term sheets have been signed with those sellers. The company sees strong growth through both organic and inorganic opportunities.

Last year there were inorganic opportunities available in the market, which were at better rates of return. So, ReNew Power shifted a bit and did more acquisitions however this year more opportunities are coming through organic growth as companies have become more rational in terms of bidding and there is increased supply of new renewable power projects.

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