ReNew Power Private Limited entered into a subscription agreement to issue 85,500,000 common shares at $10 per share for gross proceeds of $855,000,000 on February 24, 2021. The transaction included participation from institutional investors and funds/accounts managed by BlackRock, Parvest SICAV - Energy Innovators (a fund managed by BNPP Asset Management Luxembourg), TT International Funds plc - TT Environmental Solutions Fund (managed by TT International Investment Management LLP), Zimmer Partners, LP, Sylebra Capital Management, and individual investor Chamath Palihapitiya. The company will issue a 19.6% stake at a post-money equity valuation of $4,370,000,000. The board of directors has approved the transaction. Completion is subject to customary closing conditions, including approval from the Competition Commission of India and of the stockholders of RMG II. The transaction is expected to close in the second quarter of 2021, and the shares will be issued relying on the exemption under Section 4(a)(2) of the Securities Act and/or Regulation D. ReNew Power, founded in 2011, is one of India’s leading clean-energy independent power producers with a portfolio across wind, utility-scale solar and rooftop solar. The company is focused on growing capacity through acquisitions and project development to meet India’s increasing electricity demand. CPPIB’s capital is being used to support ReNew Power’s acquisition of Ostro Energy, which adds more than 1,100 megawatts of capacity. With Ostro’s assets, ReNew Power’s total capacity will increase to more than 5,600 megawatts. Management states the company aims to change India’s energy portfolio by delivering cleaner and smarter energy choices and reducing the country’s carbon footprint. The company has expanded its partnership with institutional investors to accelerate growth and strengthen its market position. ReNew Power, founded in 2011 and led by Chairman and CEO Sumant Sinha, is a renewable energy developer and independent power producer based in Gurgaon, Haryana, India. The company develops and operates clean-energy capacity across wind, utility-scale solar and rooftop solar assets. It has close to 3,000 MW of commissioned and under-construction capacity, of which more than 2,000 MW are already commissioned. ReNew operates across thirteen Indian states, including Gujarat, Haryana, Maharashtra, Karnataka and Telangana. The article provides operating metrics (capacity and geographic footprint) but does not disclose revenue or profitability. The company recently received a major external equity investment.

Total raised

$1.2B

Funding rounds

3

Latest round

Equity

Latest activity

Feb 2021