ReNew Power Lists on Nasdaq

ReNew Power Private Limited, India’s leading renewable energy provider, became the first Indian renewable energy company to list on NASDAQ via a SPAC route on 23rd August 2021 with an equity value of $4.5 bn and an enterprise value of $8 bn. This is the largest share issuance on the US stock exchanges by an Indian company and will help ReNew maintain its leadership in the Indian renewable energy sector, access deeper, broader and more flexible capital markets and a global investor base, enable further expansion into newer markets by creating an international holding company and provide greater financing flexibility.

ReNew Power Chairman and CEO, Mr. Sumant Sinha who is a distinguished alumnus of IIT Delhi founded the company in January 2011, with a vision to transform the way energy is produced and consumed in India. Since then, under his leadership, the company has grown exponentially and is today one of India’s premier renewable energy companies with an aggregate portfolio of 10 GW and an operational capacity of ~6GW spread over more than 110 sites. Today, ReNew Power contributes nearly 1.4% of the total electricity generated in India and helps mitigate 0.5% of the carbon emitted. The deal proceeds along with current cash and cash-flow generation over the next few years will help fund ReNew’s capacity expansion to 18 GW by 2025. In March 2021, ReNew Power became the first renewable energy company in the world to be named to the World Economic Forum’s Global Lighthouse Network. Recently, Sumant was also recognized as an SDG Pioneer globally by United Nations Global Compact. He has also been recognised as Entrepreneur of the year for infrastructure and energy by Ernst and Young and Entrepreneur of the year by Economic Times.