In what marks the entry of Japanese investors in the Indian renewable energy market, its leading power company JERA Co Inc picked up a 10 per cent stake in ReNew Power Ventures Pvt Ltd. The deal size is estimated to be $200 million through the subscription of newly issued shares by JERA. With this latest round of investment, ReNew is now valued at $2 billion.
JERA is a joint-venture between two of Japan’s largest utilities companies, Tokyo Electric Power Co Inc and Chubu Electric Power Co Inc. JERA, currently, operates approximately 6 Gw of energy assets globally across North America, the West Asia and South East Asia.
“As a ReNew Power shareholder, we will seek to contribute to the company by making available technical, operational, project development, and management experience gained through our global power businesses,” said Yuji Kakimi, president of JERA.
ReNew Power was launched in 2011. It recently secured long-term debt financing of $390 million from Asian Development Bank and LEAP.
The company said Sinha remains the majority stakeholder. Sinha, however, said the company would now start preparing for an initial public offer (IPO), which would take another year. Read More…
Credit By : Business standard.com
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