Gurugram-based clean energy firm ReNew Power on Sunday said it has raised USD 300 million (around Rs 2,050 crore) 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 million.
“The rights issue will enable our existing investors to deepen their investment in ReNew Power 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,” ReNew Power’s chairman and managing director Sumant Sinha said. The rights issue involved ReNew Power issuing Compulsorily Convertible Preference Shares to each of the investors, which will be converted into equity at a subsequent stage.
Earlier this year, ReNew Power raised USD 350 million in debt funding from Overseas Private Investment Corp and another USD 435 million through the issuance of dollar-denominated green bonds. ReNew Power is a renewable energy independent power producer (IPP). As of June 2019, it had a total capacity of over 8 GW of wind and solar power assets across the country, including commissioned and under-development projects.