NEW DELHI, October 11, 2018 /PRNewswire/ --
ReNew Power Limited, India's largest renewable energy IPP in terms of total energy generation capacity*, today announced the hiring of three senior executives who have joined the organization in leadership roles. These strategic appointments are in line with the company's continued focus on strengthening its management team.
ReNew announced the appointments of Mayank Bansal as President - Strategy & Operations, Varun Sivaram as Chief Technology Officer, both to be based out of its Gurugram office, as well as Stephen O'Rourke, who has joined as Managing Director, ReNew North America and will be based at the company's recently set up international office in San Francisco, California .
Mayank will be responsible for developing the current and future strategy of the company and all capital allocation decisions. He has close to 20 years of consulting experience across verticals like Automobile, Metals & Mining, Infrastructure and Consumer Goods. Prior to joining ReNew, he had served as a Partner with AT Kearney and has also worked with Mckinsey & Co. and Hindustan Unilever. He is an Electrical Engineering graduate from IIT Bombay and an MBA from ISB Hyderabad.
As CTO, Varun will be responsible for understanding and integrating new technologies in existing lines of business, identifying new streams of technology enabled opportunities and building a culture of technology innovation within ReNew. He has previously served as the Director of the Energy Program at the Council on Foreign Relations in Washington D.C., Senior Energy Advisor to the Mayor of Los Angeles and the Governor of New York, and a consultant at McKinsey & Co. besides authoring a bestselling book - 'Taming the Sun: Innovations to Harness Solar Energy and Power the Planet'. He is a Rhodes and a Truman Scholar, and holds a PhD in condensed matter physics from St. John's College, Oxford University.
Stephen will be driving ReNew's business in the US market, which the company has recently entered. He joins ReNew Power from Capitas Energy where he served as the co-founder and Managing Partner helping them source, advance and sell more than 300MWac of mid-stage and greenfield utility scale projects in less than 2 years. He has previously held senior positions in organizations such as SunEdison, Deutsche Bank Securities and Applied Materials Inc. Stephen has graduated in Electrical Engineering from the US Naval Academy and also holds a Masters degree in Nuclear Engineering.
Commenting on these appointments, Mr Sumant Sinha, Chairman and Managing Director, ReNew Power, said, "We are pleased to welcome Stephen, Mayank and Varun to the leadership team. These senior level hires reflect our commitment to the goal of providing smarter and more efficient clean energy solutions. I look forward to our new appointees bringing in fresh ideas and rich experience to the organisation, adding a new dimension to our business."
About ReNew Power
ReNew Power Limited is India's largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity*. As of May 8, 2018, ReNew had a total capacity of over 5.85 GW of wind and solar power assets across the country, comprising 3.92 GW of operational capacity, 1.66 GW of under development capacity, and 0.27 GW of recently awarded SECI project. It develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. ReNew has a strong track record of organic and inorganic growth having nearly doubled its operational capacity in each of the last three Fiscal Years. ReNew's broad base of equity investors include Goldman Sachs, JERA, ADIA, CPPIB, GEF SACEF India, and ADB (subsequently exited).
For more information, please visit: http://www.renewpower.in.
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*Source: CRISIL Research - Outlook on the Renewable Energy Market in India released in Mumbai in May 2018
ReNew Power Limited is proposing, subject to the applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the DRHP with SEBI on May 8, 2018. The DRHP will be available on the websites of SEBI at http://www.sebi.gov.in, BSE at http://www.bseindia.com, NSE at http://www.nseindia.com and GCBRLMs, i.e. at http://www.investmentbank.kotak.com, http://www.mlindia.com, http://www.goldmansachs.com, http://www.jmfl.com, http://www.jpmipl.com and BRLMs, i.e. at http://www.hsbc.co.in/1/2/corporate/equitiesgloablinvestmentbanking, http://www.idfcbank.com, http://www.ubs.com/indianoffers and http://www.yesinvest.in , respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the DRHP, including the section "Risk Factors" on Page 23 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision.
This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States. The securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from such registration.
Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the Company, its management, as well as its financial statements. No public offering or sale of securities in the United States is contemplated.
"CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this report (Report) based on the Information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. CRISIL especially states that it has no liability whatsoever to the subscribers / users / transmitters/ distributors of this Report. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary permission and/or registration to carry out its business activities in this regard. ReNew Power Limited will be responsible for ensuring compliances and consequences of non-compliances for use of the Report or part thereof outside India. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL's Ratings Division / CRISIL Risk and Infrastructure Solutions Ltd (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL's Ratings Division / CRIS. No part of this Report may be published/reproduced in any form without CRISIL's prior written approval."
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