Moneycontrol
Feb 14, 2017 02:52 PM IST | Source: Moneycontrol.com

Japan's JERA buys 10% stake in ReNew Power for $200 million

The investment gives the Japanese company a 10 percent stake in the firm, giving ReNew an equity valuation of USD 2 billon.

Japan's JERA buys 10% stake in ReNew Power for $200 million
Dhirendra Tripathi
Moneycontrol Bureau

ReNew Power Ventures Pvt Ltd, the Sumant Sinha-led generation utility focused on wind and solar energy, has raised USD 200 million in equity funding from Japan's JERA Co.

The investment gives the Japanese company a 10 percent stake in the firm, giving ReNew an equity valuation of USD 2 billon.

The company has a capacity of 1.5 GW as of now, with another 1.8 GW under construction. The current capacity is equally shared by solar and wind-based capacities.

ReNew Power expects to end the ongoing financial year (Apr-Mar) with an EBITDA of Rs 1,400 crore with eyes on doubling it next year.

The renewable energy focused-company counts Goldman Sachs, Abu Dhabi Investment Authority, Asian Development Bank and Global Environment Fund as its shareholders.

JERA is an equal joint venture of two Japanese companies — Tokyo Electric Power Company and Chubu Electric Power Company.
Sections
Follow us on
Available On