One of India’s largest private renewable power project developers — ReNew Power — may be looking to sell over 1 gigawatt of solar and wind power projects.
According to media reports, ReNew Power is in talks with Torrent Power, an integrated power company with a footprint across India, to sell 350 megawatts of solar and 750 megawatts of wind energy assets. The enterprise value of these assets is estimated at around $1.2 billion. However, according to sources, negotiations on valuation are underway, with Torrent Power having submitted a non-binding proposal for these projects.
Torrent Power operates across the power sector value chain. It owns a number of thermal power projects, services nearly 4 million consumers as a distribution utility across a number of cities, and also operates transmission infrastructure. The company also owns over a gigawatt of renewable power capacity and is developing an additional 715 megawatts of capacity.
According to a slew of media reports, ReNew Power has been looking to sell assets to raise capital to repay outstanding debt and enter new ventures. The company has tied up with Larsen & Toubro and Indian Oil to develop a green hydrogen ecosystem. It has also announced partnership with Elsewedy Electric to set up an $8 billion green hydrogen project in Egypt. The company is working with AES and Fluence to develop energy storage solutions. ReNew has also announced plans to set up solar cell and module manufacturing facilities.
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