M&A

M&A

ReNew to sell solar power project in Rajasthan to India Grid Trust for $199-M

PTI  

Nasdaq-listed renewable power firm ReNew is to sell a 300 MW solar project in Rajasthan - ReNew Solar Urja Pvt Ltd (RSUPL) - to India Grid Trust for USD 199 million. After the transfer of the outstanding debt to the buyer, the transaction will result in a cash inflow of approximately USD 82 million, including change-in-law proceeds, for ReNew. RSUPL, located in Jaisalmer, Rajasthan, was commissioned in December 2021. The project has a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at a fixed tariff of INR 2.71 per unit. The project has been operational and revenue-generating for the past two years. In 2022-23, the solar project delivered a net PLF (plant load factor) of 27.42 %.