Sunday, May 22 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of May 16
Week of May 09
Week of May 02
Week of Apr 25
Week of Apr 18
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    ReNew Power sells rooftop solar portfolio to Fourth Partner Energy for Rs672 crore


    January 28, 2022 - Mint

     

      New Delhi, Jan. 27 -- ReNew Power on Thursday today announced that it has sold its rooftop solar portfolio to Fourth Partner Energy for Rs.672 crore.

      A statement from ReNew Power said that after accounting for an outstanding debt of Rs.137 crore, the cash proceeds from the sale are Rs.535 crore. ReNew expects to record a gain from the deal, it added.

      "ReNew Power today announced that it has sold 117 MW/138 MWp of its distributed rooftop solar portfolio to Fourth Partner Energy, one of India's leading rooftop solar energy companies, for Rs.6.72 billion ($89.9 million)," it said.

      The statement said that the sale allows the company to fully leverage its competitive advantages of scale, strong asset management, digital analytics, and financing innovation.

      With the sale, the run-rate-adjusted EBITDA for ReNew's total portfolio will be reduced by Rs.70 crore - 72 crore.

      Sumant Sinha, Chairman and CEO, ReNew Power, 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 capitalise on higher-return opportunities in the near term."

      ReNew's portfolio includes wind and solar energy projects, hydro projects and distributed solar energy projects. As of December 31, 2021, ReNew had a total capacity of 10.3 GW of renewable energy projects across India including commissioned and committed projects.

      Headquartered in Hyderabad, Fourth Partner is an investee company of TPG and Norfund. Published by HT Digital Content Services with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at contentservices@htlive.com

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.