ReNew Power, the Indian renewable energy project developer, has announced raising $300 million through a rights issue. A rights issue is when a company issues its existing shareholders a right to buy additional shares in the company.

According to the press statement, Goldman Sachs, Abu Dhabi Investment Authority (ADIA), and Canada Pension Plan Investment Board (CPPIB) have subscribed to the issue with each of the shareholders infusing $100 million into it.

The rights issue involved ReNew Power issuing Compulsorily Convertible Preference Shares (CCPSs) to each of the investors which will be converted into equity at a subsequent stage. Last year, CPPIB had acquired a 6.3% stake in ReNew Power from the Asian Development Bank (ADB) for $144 million.

“The rights issue will enable our existing investors to deepen their investment in ReNew, reflecting their continued faith in the Indian renewable energy market. The proceeds of the issue will be used primarily as capex for our existing pipeline of projects,” ReNew Power chairman and MD, Sumant Sinha said.

As of June 2019, ReNew’s portfolio says that it has a total capacity of over 8 GW of wind and solar power assets across the country, including commissioned and under development projects.

Earlier, ReNew Power announced the conclusion of its green bond issue of $375 million (~₹25.8 billion) Barclays (B&D), Goldman Sachs, HSBC, J.P.Morgan, and YES Bank were the book runners for the green bond issue.

As per the 2018 Mercom Solar Funding and M&A Report, ReNew Power raised over $800 million in debt and over $1 billion (~₹69 trillion) in private equity funds to date from an expansive investor base which includes Goldman Sachs, Canada Pension Plan Investment Board, the Asian Development Bank, JERA, Abu Dhabi Investment Authority, the Global Environment Fund, among others.

Earlier this year, ReNew Power secured fresh debt financing of $350 million (~₹24.91 billion) from the Overseas Private Investment Corporation (OPIC). The funds were slated to be utilized by ReNew Power to support the construction of new wind and solar power projects in India.