RENEW POWER HAS become India’s largest publicly traded renewable energy company, in terms of generation capacity, by combining its business with the US-based RMG Acquisition Corporation II and getting listed on the Nasdaq. Among the top 10 renewable independent power producers (IPP) globally by capacity, ReNew Power has more than 100 operational, utility-scale wind and solar energy projects in nine Indian states. It also owns and operates distributed solar energy projects for more than 150 commercial and industrial customers in India. In an exclusive interview, Sumant Sinha, Founder, Chairman, and Managing Director of ReNew Power, explains how the listing gives an opportunity to showcase India’s capabilities globally and attract leading investors to the country’s green energy space, among other things. Edited excerpts:
ReNew Power is the first major Indian renewable IPP to get listed on the Nasdaq. How will it help your expansion plans? Are you going global and what is the significance of this listing?
To make it clear, our business is in India and that will continue to be the case. We have not gone there to just go global, but to do a listing outside India to bring in many more global stakeholders. So far, we had some global investors. As part of this transaction, new investors have [come on] board as part of our shareholder base. We will continue to be an Indian company focussed on India, but our listing is outside India.
[The] interesting thing is, with the US listing, we have a large pool of top global investors. In that sense, we are the first window for global and public market investors to invest in Indian renewables. So far, most investors in India’s green energy space have been private market investors or private equity. This is the first opportunity for large global investors to invest in Indian renewables and we will be compared and benchmarked to leading global renewable energy firms.
In terms of capacity, we are among the top 10 listed renewable energy companies in the world. Among independently listed ones, we are among the top five or six. Our task is to educate global investors about the India opportunity. We can share their feedback with the Indian government. That will help us to mediate and have a two-way dialogue with the government and global investors.
How are you planning to use the proceeds from this transaction?
ReNew Power has received $610 million in net proceeds, consisting of funds from RMG II’s former trust account and from a private placement in public equity (PIPE). The PIPE was anchored by institutional investors including funds and accounts managed by BlackRock, BNP Paribas Energy Transition Fund, Chamath Palihapitiya, Sylebra Capital, TT International Asset Management, TT Environmental Solutions Fund, and Zimmer Partners.
Continue reading your story on the app
Continue reading your story in the magazine
Money, Can't Buy You Love. But It Can Certainly Fulfil The Desire For The Finer Things In Life
Money, they say, can’t buy you love. But it can certainly fulfil the desire for the finer things in life
How Reliance Brands Get Almost Every Well-Known Brand In Its Kitty And What's The Endgame?
Reliance Brands dominates the luxury business in India. How did it get almost every well-known brand in its kitty and what’s the endgame?
CANALI ON CANALI
Stefano Canali, President and CEO of luxury menswear brand Canali Spa, talks about the India story and operating in a post-pandemic world
'I AM A STRONG BELIEVER IN CASH FLOWS'
THE BIG BULL OF the Indian markets, Rakesh Jhunjhunwala, has had a mixed year. Even as the billionaire investor battled significant health issues including a debilitating bout of Covid-19, the performance of his stock portfolio has been nothing short of stellar.
GOLD ON YOUR PLATE
Dubai restaurateurs are taking the city’s love for gold to a new level by offering dishes wrapped in edible gold
FIT FOR ROYALTY
While you may not be able to splurge on international travel, live like a king at these luxurious hotel suites across India
THE BUZZ RETURNS
There has been marked improvement in business sentiment as corporate leaders have overcome Covid-19 woes, finds the latest quarter’s Business Today Business Confidence Index. Industry is upbeat about the future and expects improvement in the overall economic situation
THE KING'S ADDRESS
After a ‘lost’ year, luxury real estate is surging as the ultra-rich trade up to opulent city apartments or go green with villas in Goa, Alibaug and Kasauli
‘TO ACHIEVE MASTERY, ONE NEEDS TO PUT IN A LARGE AMOUNT OF TIME'
ARUN K. CHITTILAPPILLY, MANAGING DIRECTOR, WONDERLA HOLIDAYS
A Jab Of Good Health
Covid-19 vaccinations have gathered pace in india. But with the virus mutating and new variants being discovered, next-generation vaccines may be the need of the hour. Where does india stand?
THE GAME CHANGER
INSIDE DHD’S RECORD-SETTING DURAMAX
Building Community Through Education
KIRAN BIR SETHI is changing the experience of childhood in Indian cities through her education curriculum and initiatives to build healthy relationships between students and their communities. Here she is interviewed by KASHISH KALWANI.
Granny Chic Galore!
A homeowner’s holiday décor is an homage to Christmas at her grandma’s house.
INDIANA NOTIFYING 750K AFTER COVID-19 TRACING DATA ACCESSED
Indiana health officials said they are notifying nearly 750,000 state residents that a cybersecurity company “improperly accessed” their personal data from the state’s online COVID-19 contact tracing survey — a description the company disputed as a “falsehood.”
What is My Stereo's Gender?
Readers will recall, distressingly, that I have tried their patience on just about every topic that marginally relates to audio. LP grooves, CD bumps, flat response, boomy bass, warm recordings, cold binary bits—I have waxed philosophically on all of them. Which bring us to today’s audio topic: gender.
One of my closest friends in my hometown had a love marriage, which many considered to be a rebellious act against our small society.
Contentment - THE ART OF REMOVING AND CREATING HABITS
DAAJI continues his series on refining habits, in the light of Patanjali’s Ashtanga Yoga and current scientific and yogic principles and practices. Last month, he explored the first Niyama of purity, shaucha. This month he shares his insights on that pivotal human quality – contentment, which is known in Yoga as santosh.
Carlyle's Goyal Brings India Lessons to Infrastructure, Energy Investing
POOJA GOYAL, 41, brings a unique personal insight to Carlyle Group Inc., where she leads the renewable and sustainable energy team and co-heads the infrastructure group.
Building a Work of Art
To celebrate the release of the 2022 Indian Chief the legend-ary motorcycle company got together two of the world’s most sought after builders, Paul Cox and Keino Sasaki, to customize a bike for celebrated tattoo artist Nikko Hurtado.
Can Bollywood Survive Modi?
Its films have always celebrated a pluralistic India, making the industry—and its Muslim elite—a target of Hindu nationalists.