Rs.2050 Cr. Raised By ReNew Power Via Rights Issue

In Clean Fund, Clean News, News, Renewable Energy

ReNew Power has raised around Rs 2,050 crore through a rights issue.

The rights issue involved ReNew Power issuing Compulsorily Convertible Preference Shares (CCPSs) to each of the investors which will be converted into equity at a subsequent stage.

Goldman Sachs, Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPPIB) have subscribed to the issue, with each of the shareholders infusing $100 million, a company statement said.

The proceeds of the issue will be used as capex for the existing pipeline of projects.

Earlier this year, ReNew Power raised $350 million in debt funding from Overseas Private Investment Corp (OPIC) and another $435 million through issuance of dollar denominated green bonds.

ReNew Power is a renewable energy independent power producer (IPP). As of June 2019, it had a total capacity of over 8 GW of wind and solar power assets across the country, including commissioned and under-development projects.

This is an Agency News-Feed

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