Clean energy firms queue up for IPOs

Several renewable energy companies in India, especially those owned or backed by financial sponsors, have started exploring plans to go public, either in India or abroad.

Mint reported on 18 October that Goldman Sachs-backed ReNew Power Ventures Pvt. Ltd, one of the top renewable energy companies in India, is exploring an overseas listing, possibly in the US or UK.

Companies such as Warburg Pincus-backed rooftop solar energy firm CleanMax Solar and Morgan Stanley-owned Continuum Wind Energy are some of the other companies that have held talks with advisers on initial public offerings (IPOs).

CleanMax Solar is backed by investors such as Warburg Pincus, UK Climate Investments and International Finance Corp. In 2012, Morgan Stanley Infrastructure Partners, which manages more than $4 billion in assets globally, invested $212 million in India-focused Continuum Wind.

“There is a definite buzz around IPOs in the renewable energy sector. ReNew will lead the way, and depending on how that goes, others will follow. Most discussions are at initial stages, and no firm decision has been taken on going public. They are likely to take the final call in the next month or two,” said a person aware of the discussions, speaking on condition of anonymity as the talks are private.

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