June 24, 2018 3:52 PM ET

Independent Power and Renewable Electricity Producers

Company Overview of ReNew Power Limited

Company Overview

ReNew Power Limited operates as a renewable energy independent power producer for commercial and industrial customers in India. The company develops, builds, owns, and operates utility scale wind and solar energy, as well as distributed solar energy projects. As of March 31, 2018, it had an operational capacity of 3.92 gigawatts. The company was founded in 2011 and is based in Gurugram, India.

Commercial Block-1

Zone 6

Golf Course Road

DLF City Phase -V

Gurugram,  122009

India

Founded in 2011

568 Employees

Phone:

91 12 4489 6670

Fax:

91 12 4489 6699

Key Executives for ReNew Power Limited

Founder, Chairman & CEO
Chief Financial Officer
Chief Operating Officer
President of Wind
Deputy Chief Financial Officer
Compensation as of Fiscal Year 2017.

ReNew Power Limited Key Developments

ReNew Considering Acquisitions

ReNew Power Limited might consider expanding into adjacent verticals in the renewable energy value chain after launching initial public offering in May 2018, aims to raise INR 260 billion from the market. While ReNew Power is seeking to raise equity through an initial public offering, ReNew has seen its borrowing cost shooting. ReNew aims to deploy the funds raised through initial public offering towards a potential acquisition of projects and also diversify into allied sectors. “In line with our strategy to continue to pursue growth through inorganic growth opportunities, we intend to continue our expansion through an active evaluation of inorganic growth opportunities," ReNew mentioned in its draft red herring prospectus. It has further disclosed the ReNew might consider expanding into adjacent verticals in the renewable energy value chain, “transmission and distribution infrastructure, energy storage and third party EPC and O&M contracting to develop new growth areas.”

ReNew Power India Reportedly Set To Acquire Five Renewable Power Companies

ReNew Power Limited is set to acquire five renewable power companies that have a combined capacity of about 680 MW for about INR 60 billion, The Economic Times reported citing two people familiar with the development. The deal, expected to conclude in the next three-four months, will be funded from internal accrual and fresh fund that the company intends to raise in a proposed initial public offering. “ReNew Power is in advance negotiations with the promoters of these five companies that include Indian Energy (Mauritius) Limited, SREI Equipment Finance Limited, and ES Energy Private Limited among others,” said a person familiar with the development. ReNew Power spokesperson declined to comment as the company has filed a prospectus. The spokesperson of the companies couldn’t be reached.

ReNew Power Seeks Acquisitions

ReNew Power Limited, backed by The Goldman Sachs Group, Inc. (NYSE:GS), filed its draft initial public offering (IPO) documents with the regulators. The IPO will see the company raise INR 26 billion in fresh capital, while existing private equity investors of the company will sell an aggregate of 94.37 million shares, according to the draft prospectus. The company plans to use the proceeds of the IPO for redemption of certain debentures issued by it and for funding acquisitions and other strategic initiatives.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
April 2, 2018
--
Merger/Acquisition
April 2, 2018
Ostro Energy Pvt Ltd
Merger/Acquisition
November 29, 2017
--
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