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ReNew Power had a good run in India, but competition is catching up

The US listing will help ReNew Power tap rising global demand for green energy investments

February 26, 2021 / 08:35 AM IST
ReNew Power had a good run in India, but competition is catching up

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ReNew Power has agreed to list on the NASDAQ at an equity valuation of $4.4 billion. In 2017 Japan based JERA Co., Inc purchased a 10 percent stake in the company for $200 million valuing it at $2 billion, implying sizeable gains for investors. Existing shareholders will pocket $500 million from the transaction, while still maintaining a large stake in the company. The implied valuation of 9.7 times its next twelve months enterprise value (EV) to EBITDA is lower than Azure Power’s 15.8 times. Still, ReNew Power is better off listing...

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