ReNew Power sells rooftop solar portfolio to Fourth Partner Energy for Rs672 crore
Premium- ReNew Power said that after accounting for an outstanding debt of ₹137 crore, the cash proceeds from the sale are ₹535 crore
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NEW DELHI : ReNew Power on Thursday today announced that it has sold its rooftop solar portfolio to Fourth Partner Energy for ₹672 crore.
A statement from ReNew Power said that after accounting for an outstanding debt of ₹137 crore, the cash proceeds from the sale are ₹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 ₹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 ₹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.
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