ReNew to Sell 300 MW Operational Solar Plant in Rajasthan to Anzen India
ReNew Energy Global Plc has signed a definitive agreement to sell its 300 MW solar asset in Rajasthan, valued at USD 176 million, to Anzen India Energy Yield Plus Trust.
December 26, 2024. By Mrinmoy Dey
The agreement marks a significant transaction in India's renewable energy sector, with an enterprise value pegged at approximately USD 176 million, subject to adjustments.
The solar project, located in Jaisalmer, Rajasthan, has been operational for three years and operates under a 25-year power purchase agreement with a tariff of INR 2.55 per unit. The sale involves the transfer of 100% shareholding and economic interest in RSWPL, the parent company of ReNew Pvt. Ltd., which owns the asset.
The agreement also includes an additional earn-out of around USD 17 million tied to changes in law proceeds related to increased duties and taxes, including basic customs duty (BCD), safeguard duty (SGD), and goods and service tax (GST). This payment will be made after RSWPL receives the initial realization.
The transaction is expected to be completed upon fulfilling contractual obligations and conditions precedent, including lender approvals.
Rajasthan is a vital contributor to ReNew's renewable energy portfolio, hosting a total capacity of 10+ GW, which includes commissioned, under-construction, and pipeline projects, of which 4+ GW is operational.
Earlier this month, ReNew announced the commissioning of 750 MW of a ~1 GW solar project in Rajasthan. The project is being constructed using solar panels manufactured by ReNew in Jaipur, Rajasthan, and Dholera, Gujarat, as part of the Make in India initiative. The remaining 225 MW is expected to be completed by January 2025.
ReNew's current pipeline stands at over 23 GW, including the contracted renewable energy portfolio, storage systems, and wins in auctions. ReNew reached ~10.4 GW operational capacity as of November 2024, with an additional ~6 GW committed.
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