ReNew sells 300 MW solar projects to Singapore’s Sembcorp in $190 mn deal
Nasdaq-listed ReNew, which has a clean energy portfolio of 18.2 GW, has been selling assets as part of its capital recycling strategy. The company's shareholders also plan to take it private.
New Delhi: Nasdaq-listed ReNew Energy Global Plc has agreed to sell 300 megawatt (MW) of solar projects to Singapore’s Sembcorp Industries Ltd in a deal with an equity and enterprise value of around $100 million and $190 million.
"Sembcorp Industries (Sembcorp) through its wholly-owned subsidiary, Sembcorp Green Infra Private Limited, has entered into a share purchase agreement with ReNew Private Limited to acquire 100% ownership of ReNew Sun Bright Private Limited (ReNew Sun Bright), for a total consideration of approximately S$246 million," Sembcorp said in a statement. The projects are located in Rajasthan and supply electricity to Maharashtra.
“ReNew Sun Bright owns and operates a 300MW solar power asset located in Fatehgarh, Rajasthan, India. The project commenced commercial operations in November 2021 and is connected to the national grid via the Inter-State Transmission System. It operates under a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited," the statement said.
“The acquisition will be funded through a combination of internal cash resources and external borrowings. Completion is subject to conditions precedent, including regulatory approvals, and is expected in the first half of 2026," it said.
ReNew was in talks with Sembcorp to sell 350 MW solar projects, Mint had reported on 29 February last year. An earlier proposed deal for 1.1 gigawatts (GW), comprising ReNew’s solar (350 MW) and wind power assets (750 MW), couldn’t be agreed upon due to a valuation gap on wind assets. Ahmedabad-based Torrent Power had also earlier submitted a non-binding offer for ReNew’s solar and wind power assets totalling 1.1 GW. The current deal only covers solar farms.
Queries emailed to the spokespersons of ReNew Energy and Sembcorp on Wednesday afternoon weren't immediately answered.
The asset sale comes as a consortium comprising Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority’s (ADIA) Platinum Hawk, and ReNew Energy founder-chairman Sumant Sinha plan to take the company private. CPPIB, ADIA and Sinha together own 64% of ReNew Energy.
ReNew Energy has been selling assets as part of its capital recycling strategy. In June, it announced signing definitive agreements to sell its solar and transmission assets to IndiGrid Infrastructure Trust. The transactions include ReNew Solar Aayan Pvt Ltd, which operates a 300 MW solar project in Rajasthan, and a 276-circuit km transmission project in Karnataka run by Koppal Narendra Transmission Ltd.
In December last year, ReNew Energy announced the sale of a 300 MW operating solar power plant to Edelweiss group’s Anzen India Energy Yield Plus Trust for an enterprise value of $176 million.
The company has been exploring the sale of a 30% stake in its 2.3 GW commercial and industrial projects. It has also announced an equal joint venture with Gentari Sdn Bhd to develop utility-scale 5 GW capacity comprising solar, wind and energy storage projects.
ReNew has a clean energy portfolio of 18.2 GW, in addition to 6.4 GW of solar module and 2.5 GW of solar cell manufacturing capacity. Singapore Exchange-listed Sembcorp has a renewable energy capacity of 19.3 GW across 11 countries. Post the ReNew transaction, Sembcorp' green energy portfolio in India will account for 6.9 GW.
Green deal blitz
With a solar power sector potential of 748 GW, India has an installed renewable energy capacity of 245 GW–solar and wind power account for 116 GW and 52 GW, respectively. The nation plans to add 50 GW of green energy capacity annually to reach 500 GW of renewable capacity by 2030.
India’s green energy opportunity has been attracting global investors, spurring a wave of mergers and acquisitions. According to a report by think tank Ember on Tuesday, the country accounted for 5.6% of a record 306 Terawatt-hour (TWh) solar power generation growth globally in the first half of 2025, which grew by 31%.
The world’s largest alternative asset manager Blackstone is looking to acquire European alternative asset manager EQT backed Zelestra’s India operations in a deal with an equity and enterprise value of $184 million and $421 million, respectively, Mint reported earlier.
Sembcorp, Torrent, INOXGFL Group’s Inox Green Energy Services Ltd, and General Atlantic-owned Actis Llp are among half a dozen shortlisted bidders to conduct due diligence to acquire Macquarie Asset Management Green Investment Group platform Vibrant Energy for an enterprise value of around $600 million.
Japan’s financial services firm Orix Corp. sold its 17.5% stake in Greenko Energy Holdings to AM Green B.V., owned by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli; ONGC NTPC Green Private Ltd (ONGPL) bought National Investment and Infrastructure Fund-backed Ayana Renewable Power Pvt Ltd; and the joint venture between the Philippines' Ayala Corporation-owned ACEN and UPC Renewables is planning to sell a significant stake in its upcoming 1 GW projects in India.
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