Goldman Sachs-backed ReNew Power to sell 10% stake to Japan’s JERA for $200 million

Indian renewable power generation company ReNew Power, which is majority-owned by Goldman Sachs, has agreed to sell 10% equity stake to Japan-based JERA Co for $200 million.
The unlisted ReNew Power, valued at $2 billion with this deal, has already initiated discussions with investment bankers for coming up with an IPO later this year.
ReNew Power has 1.2 gigawatt wind and power generation capacity in commissioned projects, and has another 1.8 gigawatt projects under construction. It has set a target of building over 11 GW of wind and solar power capacity over the next five years.
India plans to achieve 175 GW of renewable energy capacity by 2022 in line with its INDC (Intended Nationally Determined Contribution) as part of a global effort to contain climate change. The country’s current renewable energy capacity at 45,917 megawatt is minuscule compared to the 2022 target, and also the current overall capacity of 310,000 megawatt.
India has promised to achieve 40% of its electricity generation capacity from non-fossil fuel based energy resources by 2030, including 60 GW from wind power, 100 GW from solar power, 10 GW from biomass and 5 GW from small hydro projects.
ReNew Power, promoted by the businessman Sumant Sinha, has Asian Development Bank, Abu Dhabi Investment Authority and Global Environment Fund as its investors, apart from Goldman Sachs, which had put in $200 million into the company at its inception in 2011
source: http://www.financialexpress.com