HomeBusiness ›ReNew Signs Contract with India Grid Trust to Sell 300 MW Solar Project in Rajasthan

ReNew Signs Contract with India Grid Trust to Sell 300 MW Solar Project in Rajasthan

ReNew signs contract to sell 300 MW solar project at a valuation of USD 199 Million.

January 09, 2024. By News Bureau

ReNew announced that it has signed a Share Purchase Agreement with India Grid Trust to sell a 300 MW solar project in Rajasthan – ReNew Solar Urja Private Limited - for a total enterprise value of USD 199 million.

The transaction is expected to close in accordance with PPA conditions. Approximately USD 8 million is expected to be additionally received as an earn-out on account of change-in-law proceeds, after the first payment is realized by RSUPL.

The sale reaffirms strong investor interest in assets developed by ReNew and is aligned with the company’s strategy to enhance shareholder value through capital recycling and investment into higher-return opportunities. 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.

Commenting on the transaction, Kailash Vaswani, Group CFO of ReNew, said, “We are committed towards discipline in allocating capital as well as enhancing shareholder value through asset recycling. This reaffirms our ability to unlock value through the sale of assets and pursue more lucrative opportunities. We continue to see interest in the private markets for high-quality stabilized assets.”
ReNew Solar Urja, 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 of 27.42%.
Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
Next events
Last interviews
Follow us