There’s a storm brewing in India’s renewable energy ecosystem. Solar has lost its shine. There’s a twist in the wind. And in all of this, India’s largest green energy company, ReNew, is lost at sea.

ReNew Power Ltd filed for an initial public offering in May and got the green light from the market regulator last month. The only thing is, equities investors don’t seem to be interested in paying the steep price that the company is asking for, pushing the firm to defer the IPO, according to two investment bankers involved in the discussions.

“They did a series of roadshows where the bankers realised that public equities investors are not as kicked as the private market ones.