NASDAQ-listed ReNew Power has sold 117 MW/138 MWp of its distributed rooftop solar portfolio to Hyderabad-based Fourth Partner Energy for INR 6.72 billion (US$89.9 million). The move is part of ReNew Power’s strategy to focus more on higher-return and large, utility-scale projects.
ReNew Power had 10.3 GW of renewable energy portfolio in India (including commissioned and committed projects) as of December 31, 2021, and aims to have installed 18 GW by FY2025.
The developer expects to record a gain from the deal with Fourth Partner. After accounting for an outstanding debt of INR 1.37 billion (~$18.3 million), the cash proceeds from the sale are INR 5.35 billion (US $71.6 million).
“The sale reaffirms ReNew’s commitment to creating greater shareholder value through capital reallocation into higher-return opportunities and being more efficient by focusing more on large utility-scale projects. This allows the company to fully leverage its competitive advantages of scale, strong asset management, digital analytics, and financing innovation,” read the company statement.
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 the sale of assets and enhances our ability to capitalize on higher-return opportunities in the near term.”
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