ReNew Energy Global on Monday said it has sold its 300 MW solar project in Jaisalmer, Rajasthan, at an enterprise valuation of $176 million (nearly Rs 1,500 crore) to Anzen Energy Yield Plus Trust. The project has been operational for three years. The tariff for the 25-year power purchase agreement is Rs 2.55/unit.
Additional $17 million may be received as an earn-out on account of change in law proceeds pertaining to increase in BCD, safeguard duty and GST, after the first payment is realised by ReNew Sun Waves, it said. This comes days after ReNew announced that four major investors — founder Sumant Sinha, CPPIB, Masdar and ADIA’s Platinum Hawk in the Nasdaq-listed firm — have offered to take the company private.
Also ReadExplained: Why is GST on caramelized popcorn higher? A detailed analysis
The group, which owns 64% of the fully diluted public shares, is offering other shareholders of the company. The company said it has signed a definitive agreement to sell ReNew Sun Waves (RSWPL) and the transaction is expected to close post completion of contractual obligations and conditions precedent, including a receipt of lender approval.
Also Read Solar startup SolarSquare raises $40 million from Lightspeed, Lightrock, others Waaree Energies receives LoA for development of 170 MW solar power plant in Madhya Pradesh Mandatory domestic sourcing rule extended to solar cells Livguard plans to incur capex of Rs 3,360 cr in 5 years
ReNew was listed on Nasdaq in 2021. It has a portfolio of 10.3 Gigawatt of operational assets in wind, solar and hybrid. It aims to double capacity by 2030.
» Read More
