In a bid to expand its foothold in the industry, India’s leading renewable energy project developer ReNew Power, is looking at new acquisition opportunities.

According to its Draft Red Herring Prospectus (DRHP) filed with capital market regulator Securities and Exchange Board of India (SEBI) on May 8, 2018, ReNew is currently negotiating to acquire 700 MW of renewable projects in four Indian states.

These renewable projects include 437.2 MW of projects in Andhra Pradesh, 171.9 MW in Karnataka, 60 MW in Rajasthan, and 16.5 MW in the state of Tamil Nadu. These include approximately 200 MW of solar projects and around 485 MW of wind projects.

Commenting on the ongoing acquisition discussions, Mercom’s source at ReNew Power said, “We are in the process of acquiring 700 MW of new projects, but at this stage, it will be difficult to provide any more details.”

The company is also exploring another area for growth and looking to expand its renewable energy value chain. ReNew is planning to expand into energy storage, offshore wind energy, floating solar, third party EPC and O&M, transmission and distribution.

According to the Mercom Solar Funding and M&A Report, ReNew Power has raised over $800 million in debt and over $1 billion 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. ReNew Power currently has green energy assets of more than 4.5 GW, which include a commissioned capacity of approximately 2.8 GW as of December 31, 2017.

Recently, the company announced one of the largest acquisition deals in India of Ostro Energy Private Limited, valued at around $1.63 billion.

According to the company’s portfolio, ReNew has a total renewable capacity of approximately 5.85 GW, comprising 3.92 GW of operational capacity, and 1.66 GW of capacity under development.

ReNew filed for IPO in early May 2018.