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 email@example.com