Telanagana based, ReNew Power has raised more than $1 billion in funds this year alone for its wind and solar business. It is rated as one of the best start-ups or unicorns of India and why not?
ReNew is the biggest independent renewable energy producer in the country, generating about 5 GW, with another 3 GW of new projects built. It has more than 100 wind and solar plants, generating about 1% of all India's electricity. It also has a rooftop solar business that operates in about 20 states.
The company was founded by Sumant Sinha in 2011 and it is much sought after among international fund managers. He is an IIT Delhi graduate, IIM Calcutta and Columbia University. Working for some 10 years in USA, he came back to India in 2002 and became CFO of Aditya Birla group and later going on to become COO of Suzlon Energy. And well, he is the son of Yashwant Sinha and brother of Jayant Sinha.
Earlier, it had plans to go public but later ditched the idea and instead last month, raised $300 million from Goldman Sachs, Abu Dhabi Investment Authority, and Canada Pension Plan Investment Board, each contributing $100 million. It also received $350 million in debt from the Overseas Private Investment Corp, which is the US government's development finance institution and another $375 million by issuing green bonds.
Undoubtedly, its our loss that it is no longer going public or else it would have been a great pick for the portfolio.