Torrent to buy ReNew’s clean power projects for $1.2 B
Torrent Power Ltd is in talks to buy clean power projects totalling 1.1 GW from ReNew Energy Global Plc at an enterprise value of around $1.2 B.
Image source: Business Standard
India, Ahmedabad: Torrent Power Ltd is in talks to buy clean power projects totalling 1.1 GW from ReNew Power at an enterprise value of around $1.2 B.
Ahmedabad-based Torrent Power has submitted a non-binding offer (NBO) for ReNew’s solar and wind power assets of 350 MW and 750 MW, respectively, at an equity value of around $450 M, the company source said, adding discussions on valuation are continuing.
Torrent Power, one of India’s largest integrated power utilities with a presence across generation, transmission and distribution, has been active in the field of India’s green energy deals and was earlier in fray for US private equity firm Global Infrastructure Partners’ Indian clean energy platform Vector Green Energy, which was finally bought by Singapore’s Sembcorp Industries Ltd.
ReNew Power was founded in 2011, among the latest to enter India’s green energy sector. It currently has a portfolio of 13.64 GW. In December 2022, the company signed a deal with Microsoft India to supply 150 MW of green energy.
“The partnership will help contribute towards Microsoft’s ambition of shifting to 100 % supply of renewable energy by 2025,” Sumant Sinha, chairman and CEO of ReNew Power, had said.
#clean energy#India#negotiations#projects#ReNew Energy Global PlC#Renewables#Torrent Power Ltd.