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ReNew enters into an agreement to sell a 300 MW solar plant for $199 million.

Writer's picture: Team TheEarth.LifeTeam TheEarth.Life
For the previous two years, the project has been operating and profitable. The solar plant produced a net PLF of 27.42% in 2022–2023.
 

Gurugram: India's top provider of decarbonization solutions, ReNew  revealed on Monday that it has inked a Share Purchase Agreement with India Grid Trust to sell ReNew Solar Urja Private Limited, a 300 MW solar project in Rajasthan, for a total enterprise value of $199 million. As per PPA requirements, the deal is anticipated to finalize. Once RSUPL makes the first payment, an extra $8 million is anticipated as an earn-out on account of change-in-law proceeds.



The transaction is in line with ReNew's plan to increase shareholder value through capital recycling and investments in higher-returning ventures, and it confirms the significant interest that investors have shown in the assets the business has produced. Following the buyer's acquisition of the existing debt, the deal will bring in around $82 million in cash, including revenues from ReNew's change of legislation.

Speaking on the deal, Mr. Kailash Vaswani, ReNew's group CFO, stated, "We are committed towards enhancing shareholder value through asset recycling as well as discipline in capital allocation." This confirms that we can sell assets to generate wealth and go after more profitable ventures. The private markets are still showing interest in high-quality stable assets.

December 2021 saw the commissioning of ReNew Solar Urja, which is situated in Jaisalmer, Rajasthan. With Solar Energy Corporation of India (SECI), the project has a 25-year Power Purchase Agreement (PPA) at a set rate of INR 2.71 per unit. For the previous two years, the project has been operating and profitable. The solar plant produced a net PLF of 27.42% in 2022–2023.


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