Strategic Asset Transaction
ReNew, a key player in India’s decarbonization landscape, has recently finalized a $199 million Share Purchase Agreement with India Grid Trust for the sale of its 300 MW solar project in Rajasthan.
Financial Boost and Investor Confidence
With an estimated $82 million cash inflow post the debt transfer and an additional $8 million as an earn-out, the deal underscores strong investor interest in ReNew’s developed assets.
Enhancing Shareholder Value
Aligned with ReNew’s strategy, the asset sale is a step towards capital recycling, aimed at boosting shareholder value and redirecting resources into opportunities with higher returns.
Operational Excellence of ReNew Solar Urja
Situated in Jaisalmer, Rajasthan, the ReNew Solar Urja project, operational since December 2021, boasts a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at a fixed tariff of INR 2.71 per unit, achieving a commendable net PLF of 27.42% in 2022-23.
Source：businesswire.com
