ReNew Energy Global to Sell 300 MW Solar Project for $193 Million.

ReNew Energy Global announced  that it has entered a definitive agreement with Anzen India Energy Yield Plus Trust (Anzen) to sell its 300-megawatt (MW) operating solar power asset housed under ReNew Sun Waves Pvt Ltd (RSWPL).

The transaction is valued at approximately $193 million (₹1,640 crore), with an enterprise value of $176 million, subject to adjustments, and an additional $17 million expected as an earn-out tied to regulatory changes, including increases in basic customs duty, safeguard duty, and goods and services tax.

Located in Jaisalmer, Rajasthan, the 300 MW SECI solar project has been operational for three years. It operates under a 25-year power purchase agreement (PPA) with a tariff of ₹2.55 per unit.

ReNew Pvt Ltd, a subsidiary of Nasdaq-listed ReNew Energy Global, is the parent company of RSWPL. Under the agreement, ReNew Pvt Ltd will transfer 100% of the shareholding and economic interest in RSWPL to Anzen.

The deal is subject to the completion of contractual obligations, including lender approval. "The transaction is expected to close after meeting all conditions precedent," ReNew said in a regulatory filing with the US Securities and Exchange Commission (SEC).

The sale aligns with ReNew Energy Global’s strategy to optimize its portfolio and unlock value from its operational assets while Anzen India Energy Yield Plus Trust strengthens its position in India's renewable energy sector.

HBL