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    ReNew Power divests Indian rooftop solar portfolio in USD-90m deal


    January 27, 2022 - SeeNews Renewables

     

      January 27 (Renewables Now) - India’s ReNew Power, held by ReNew Energy Global Plc (NASDAQ:RNW), said today it has sold a 117-MW/138-MWp distributed rooftop solar portfolio at home to Fourth Partner Energy for INR 6.72 billion (USD 90m/EUR 79.6m).

      The buyer is an investee company of TPG and Norfund.

      ReNew Power will raise INR 5.35 billion in cash proceeds from the sale after taking into account INR 1.37 billion in outstanding debt. The divestment is seen to lower the run-rate-adjusted EBITDA for the company's total portfolio by between INR 700 million and INR 720 million, it said.

      "Strong capital discipline is a core value for ReNew. This sale illustrates the value that can be released through sale of assets and enhances our ability to capitalize on higher-return opportunities in the near term,” commented Sumant Sinha, chairman and CEO of ReNew Power.

      (INR 1.0 = USD 0.134/EUR 0.118)

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