ReNew Power said the net proceeds from the sale stood at Rs 535 crore after accounting for an outstanding debt of Rs 137 crore
ReNew Power has sold 117 MW of its rooftop solar portfolio to distributed solar company Fourth Partner Energy for Rs 672 crore.
The company said it sold the distributed rooftop solar portfolio to relocate capital into higher-return opportunities and focus on large utility-scale projects.
ReNew Power said the net proceeds from the sale stood at Rs 535 crore after accounting for an outstanding debt of Rs 137 crore. It expects to record a gain from the deal.
The company said in a statement that the sale allows the company to fully leverage its competitive advantages of scale, strong asset management, digital analytics, and financing innovation.
Sumant Sinha, chairman, and chief executive officer of 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.”
ReNew Power had a total capacity of 10.3 GW of renewable energy projects across India, including commissioned and committed projects as of December 31, 2021.
Earlier this month, ReNew Power announced that its wholly-owned subsidiary, India Clean Energy Holdings, raised $400 million. The company was listed on the Nasdaq after completing a business combination with RMG Acquisition Corporation II, a special purpose acquisition company (SPAC).
