Goldman Sachs-backed ReNew Power eyes IPO

Renewable energy firm ReNew Power Ventures Pvt. Ltd is planning an initial public offering that may let some of its existing investors sell some of their stake, a media report said.

The total size of the IPO is pegged at $700 million (Rs 4,480 crore), The Economic Times reported, citing people aware of the development it didn't name.

Early investors in the company including Goldman Sachs and Abu Dhabi Investment Authority could make a partial exit via the IPO, the report added.

ReNew Power was founded in 2011 by former investment banker and Suzlon Energy COO Sumant Sinha. It has about 3,500 MW of commissioned and under-construction clean energy capacity across 16 states in India, according to its website.

It also counts the Asian Development Bank and Global Environment Fund as its investors, besides Japan’s JERA Co., which had pumped in around $200 million in February for a 10% stake at a valuation of $2 billion. Canada Pension Plan Promotion Board is also looking to invest around $320-350 million in the company.

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