The high profile billion dollar IPO of India’s largest renewable energy company ReNew Power backed by Goldman Sachs may have got delayed.
The proposed big bang IPO of India’s largest renewable energy company by capacity ReNew Power backed by Goldman Sachs, may have got delayed, but ET NOW learns that the Sumant Sinha led firm is exploring fresh fund raising options to address its immediate capital requirements.
India’s largest renewable power company, ReNew Power, aims to deploy the funds through a planned initial public offering (IPO) of its equity on acquisition and to diversify into allied sectors.
The company might consider expanding into adjacent verticals in the renewable energy value chain, banking sectors
ReNew Power, the largest independent power producer, is set to acquire five companies in the renewable power space — solar and wind — that have a combined capacity of about 680 MW for about Rs 6,000 crore, said two people familiar with the development.
The Supreme Court has slapped a penalty of Rs 110 million on Gurgaon-headquartered renewable energy company ReNew Power for delaying the commissioning of a 51-Mw solar power project in Madhya Pradesh by more than 210 days. The court, however, set aside the cancellation of the power purchase agreement (PPA) which the MP government had initiated.
Sumant Sinha-led Re-New Power Ventures has finalised the takeover of Ostro Energy for an enterprise value of ₹10,800 crore ($1.66 billion), the biggest M&A deal in the renewables sector, sources close to the deal said.
Solar funding grew last year as approximately 9.6 GW of new solar installations were added to the Indian grid
In 2017, the Indian solar sector logged over $10 billion (~₹650 billion) in financing activity, according to Mercom Capital Group’s recently released 2017 Q4 and Annual India Solar Market Update.
With every new year comes the renewal of hope. “The situation has started stabilising now,” feels UB Reddy, managing director, Enerfra, a leading contractor for wind and solar projects.
The country’s largest ever wind auction of 2,000 MW has received bids ranging from Rs 2.47 to Rs 2.65 per unit, close to the record low ofRs 2.43, from major players in the sector.