ReNew Power To Buy Orange Renewables

In Clean News, News
ReNew Power Ventures Pvt Ltd, a Goldman Sachs backed clean energy company — has offered to buy Orange Renewable portfolio which includes a little over 600 MW of predominantly wind and a small amount of solar assets for Rs 6175 crore.
Orange Renewable is promoted by Singapore’s AT Capital which was founded by Arvind Tiku, a Russia based Indian origin billionaire who made his fortunes in Central Asian oil and gas industry. Earlier this year it mandated investment bank Rothschild to help scout for a strategic buyer for its assets. Negotiations between both sides are ongoing but the talks are not exclusive in nature. Sources add that Orange has also reached out to a few other strategic players including Adani and Greenko, but the dialogue with ReNew is most advanced.
The exact structure of the deal is not yet final but chances of Orange merging into ReNew in a part cash part stock deal is likely.

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