ReNew Power, one of India’s leading private renewable energy project developers, may be aiming to sell more than 1 gigawatt of solar and wind power projects.
ReNew Power is negotiating a sale of 350 megawatts of solar and 750 megawatts of wind energy assets to Torrent Power, an integrated power firm with a presence across India. The estimated enterprise value of these assets is $1.2 billion. However, negotiations on valuation are underway, according to sources, with Torrent Power having filed a non-binding proposal for these assets.
ReNew Power has been trying to sell assets in order to acquire funds for debt repayment and new operations. To create a green hydrogen ecosystem, the business has partnered with Larsen & Toubro and Indian Oil. It has also announced partnership with Elsewedy Electric to set up an $8 billion green hydrogen project in Egypt.
Torrent Power operates throughout the value chain in the power sector. It owns many thermal power plants, serves approximately 4 million customers as a distribution utility in several cities, and runs transmission infrastructure. In addition, the corporation has nearly a gigawatt of renewable energy capacity and is constructing an additional 715 megawatts.
Reference- Live mint, Economic Times, Mercom India, Business Standard, Hindustan Times, Business Insider