ReNew Power Ventures Pvt. Ltd, the green energy producer backed by Goldman Sachs Group Inc., has started the process of an initial public offering (IPO) and put out a request for proposal (RFP) to appoint bankers, said two people familiar with the RFP.

“They have asked banks to come and pitch for the IPO mandate. These meetings will be happening over the next couple of weeks, around early June," said one of the persons cited above, requesting anonymity as he is not authorized to speak to the media.

“In the communication sent out to the banks the company has not disclosed the size of the fund-raise that it is looking at through the IPO. The IPO will most likely be a mix of primary (issue) and an offer for sale," said the second person, also requesting anonymity.

ReNew Power founder and chief executive Sumant Sinha declined comment.

CNBC TV18 reported earlier on Friday that the company has sent an RFP to investment banks, who may be pitching by early June for ReNew Power’s IPO mandate.

Founded in 2011 by Sinha, a former chief operating officer at wind turbine maker Suzlon Energy Ltd, ReNew Power has now more than 1 gigawatt (GW) of operational capacity from its own wind and solar projects.

The company had last year put on hold its plan to look at an IPO, months after saying it would consider going public.

Apart from Goldman Sachs, other investors in the company include the Asian Development Bank, Abu Dhabi Investment Authority and Global Environment Fund.

ReNew Power is not the only Indian renewable energy company contemplating an IPO.

In December, Delhi-based solar energy firm Azure Power Global Ltd filed for an IPO in the US to raise $100 million (approximately 650 crore), according to the company’s filings with the New York Stock Exchange.

On 14 April, Mint reported that Hindustan Power Pvt. Ltd, which has around 600 megawatts (MW) of solar power assets, may go public in 2017 to raise a part of the capital required for future expansion plans.

Last year, Welspun Renewables Energy Pvt. Ltd had initiated discussions with investment bankers to raise around 1,000 crore through an IPO, Mint reported. The plans were later shelved.

In 2015, the Indian renewable energy sector witnessed private equity investments to the tune of $1.55 billion, data from VCCEdge shows. VCCEdge is the financial research platform of VCCircle Network.

In March, ReNew Power said it will receive $250 million debt financing as part of an agreement with the Overseas Private Investment Corp., the US government’s development finance institution. The funds will be used to construct up to 400MW of new solar power projects in India across multiple states.

In its previous three rounds of equity fund-raising since starting operations in 2011, ReNew had raised a total of $650 million from investors. The renewable energy producer has a target to set up over 11GW of combined wind and solar capacity in the next five years.

India has a target of installing 100GW of solar power capacity and 60GW of wind power capacity by 2022.

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