LISTING GETS US MORE GLOBAL INVESTORS
Business Today|October 17, 2021
ReNew Power’s Sumant Sinha says the US listing is also an opportunity to showcase India’s opportunities in green energy.
P.B. JAYAKUMAR

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.

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