The Indian Wire » Startups » ReNew Power, Gurugram based clean energy startup raises $300 million via rights issues
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ReNew Power, Gurugram based clean energy startup raises $300 million via rights issues

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ReNew Power, a Gurugram-based clean energy firm has raised $300 million (approx ₹2,050 crore) through a rights issues, cited yourstory.

According to the company, 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.

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.

“The rights issue will enable our existing investors to deepen their investment in ReNew reflecting their continued faith in the Indian renewable energy market. The proceeds of the issue will be used primarily as capex for our existing pipeline of projects,” Sumant Sinha, ReNew Power’s chairman and MD, said.

ReNew Power, headquartered in Gurugram, was founded by Sinha in 2011. It is an independent power produce of clean energy with an installed capacity of over 5600 MW across several states in India.

As of June 2019, the company had a total capacity of over 8 GW of wind and solar power assets across the country, including commissioned and under-development projects.

It develops, builds, owns, and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers.

Besides, in a recent event, around eight energy startups led by women received a seed fund of up to $10,000 each.

Furthermore, other clean energy startups apart from ReNew Power includes CleanChoice Energy, Enel Green Power, Vergnet and Mass Megawatts Windpower.

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