Indian renewable energy project developer, ReNew Power, has filed draft papers with capital market regulator Securities and Exchange Board of India (SEBI) to float an Initial Public Offering (IPO), according to the news agency Reuters.

The IPO could raise more than $1 billion and could be one of India’s biggest listings so far this year.

According to Mercom Solar Funding and M&A Reports 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.

Global Environment Fund, Green Rock, and an arm of Goldman Sachs are selling around 94.4 million shares in the IPO, which a Reuters source said could raise more than $1 billion. However, a more specific number would emerge closer to the launch, Reuters report clarified.

Proceeds of the issue will be utilized to fund acquisitions and other strategic initiatives, redemption of certain debentures issued by the company and its subsidiaries, and for general corporate purposes, reported news agency PTI.

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.

According to Mercom’s India Solar Project Tracker, ReNew Power was ranked the fifth largest solar project developer with installed capacity of over 1.1 GW at the end of 2017.  ReNew is also the largest wind power developer in the country.

Recently, the company announced the acquisition of a 100 percent stake in Indian Energy Limited (IEL) at a price of ₹364 million (~$5.545 million).

In April 2018, ReNew had also announced the acquisition of Ostro Energy Private Limited, and the transaction was believed to be one of the largest renewable acquisition deals in India.

In December 2017, Mercom had reported that ReNew Power acquired a 100 percent stake in KCT Renewable Energy Private Limited (KCTREPL) from Karm Chand Thapar (KCT) Group for over ₹10 billion (~$155 million). Under the deal, ReNew Power took ownership of KCTREPL’s three fully-operational wind power projects, generating a combined 103 MW in Andhra Pradesh.

With this announcement, ReNew Power becomes the second renewable company after ACME Solar to file for an IPO in the past 12 months. Azure Power is currently the only pure play solar developer that is public in the New York stock exchange.