ReNew Energy Global Plc. is selling its entire stake in ReNew Sun Waves for $176 million to Anzen India Energy Yield Plus Trust (AnZen Trust). The decarbonisation solutions company listed on Nasdaq has entered into a definitive agreement with Anzen to sell its arm ReNew Sun Waves that operates the 300 MW PV asset in Rajasthan.
AnZen Trust is a diversified and growth-oriented energy InvIT sponsored by SEPL Energy, a portfolio company of Edelweiss Infrastructure Yield Plus fund. The Trust is set up to invest in a diversified portfolio of energy assets including transmission lines and renewable power projects to provide long-term predictable yield and growth to its investors.
The 300 MW solar project, located in Rajasthan’s Jaisalmer, achieved full commissioning in October 2021. It benefits from a 25-year power purchase agreement with Solar Energy Corp. India Ltd at INR 2.55/kWh.
Under the agreement, ReNew will sell its 100% stake and economic interest in ReNew Sun Waves. “The enterprise value determined under the agreement is around $176 million, subject to net current assets and other adjustments as provided in the definitive documents,” said the company.
“The transaction is expected to close post completion of contractual obligations and conditions precedent including receipt of lender approval.”
ReNew also expects to receive $17 million as an earn-out due to the change in law proceeds pertaining to increase in basic customs duty, safeguard duty and goods and services tax, after the first payment is released by ReNew Sun Waves.
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