Tamil Nadu-based renewable energy solutions provider Renfra Energy India has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), comprising ₹4.3 billion (~$45.14 million).

The proposed IPO also includes an offer for sale of up to 4,794,800 equity shares at a face value of ₹10 (~$0.1) by the selling shareholders.

Renfra Energy plans to use the net proceeds from the fresh issue to redeem non-convertible debentures worth ₹1.6 billion (~$16.8 million), fund working capital requirements of ₹1.75 billion (~$18.37 million), and for general corporate purposes.

The company may opt for a pre-IPO placement of up to ₹500 million (~$5.25 million), which would reduce the amount raised from the fresh issue.

Unistone Capital Private is the book-running lead manager to the offer.

Renfra Energy has completed projects with an aggregated installed capacity of 462.35 MW as of May 2026. The installed capacity comprises 412.85 MW of solar and 49.5 MW of wind projects. The company’s ongoing projects stand at 139.1 MW, consisting of 83 MW of solar and 56.1 MW of wind projects.

Renfra Energy focuses on delivering turnkey solutions, including project structuring, lifecycle management, and long-term asset support through targeted O&M services. The company is also involved in renewable energy engineering, procurement, and construction projects.

The turnkey solutions involve full-spectrum solutions for solar and wind energy, with the solar business providing the majority of the company’s income.

Renfra Energy’s turnkey solutions include feasibility studies, land procurement, engineering, grid connectivity, construction, installation, testing, commissioning, and operations and maintenance. Its O&M services cover preventive and corrective maintenance, performance monitoring, fault rectification, and reporting. The company also sells project-linked land parcels to facilitate regulatory approvals.

In the financial year 2026, Renfra Energy reported a total income of ₹10.18 billion (~$106.7 million) with a profit after tax margin of 15.47%. The company’s order book stood at ₹5.17 billion (~$54.2 million) as of May 2026.

Several clean energy companies have announced plans to tap the capital market to raise money over the last year.

Ahmedabad-based renewable energy solutions provider Deon Energy filed a DRHP with SEBI to raise ₹1.5 billion (~$16.89 million).

Earlier, solar module manufacturer Rayzon Solar filed a DRHP to raise ₹15 billion (~$175 million), receiving approval for it in October.