ReNew Power raises $300 million via rights issue Gurugram

ReNew Power Limited, India’s largest renewable energy Independent Power Producer (IPP), has successfully raised $300 million dollars through a rights issue. 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 mn. 

The rights issue involved ReNew Power Ltd. issuing Compulsorily Convertible Preference Shares (CCPSs) to each of the investors which will be converted into equity at a subsequent stage. In a statement, Sumant Sinha, Chairman and MD, ReNew Power Limited said, “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” Earlier this year, ReNew Power raised $350 million in debt funding from OPIC and another $435 million through issuance of $ denominated green bonds.

Source: Energy Next