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

Dhirendra TripathiMoneycontrol BureauReNew 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.