Torrent Power in talks to buy ReNew’s 1.1 GW of clean power projects for $ 1.2 Billion
- ByStartupStory | January 2, 2023
Torrent Power Ltd is in talks to buy 1.1 gigatonnes (GW) of clean power projects from ReNew Energy Global Plc for around $1.2 billion, according to two people familiar with the situation.
According to the people cited above, Ahmedabad-based Torrent Power has submitted a non-binding offer (NBO) for ReNew’s solar and wind power assets of 350 megawatts (MW) and 750MW, respectively, at an equity value of around $450 million, with valuation discussions ongoing.
“No sell-side bank has been appointed for this transaction by ReNew. The talks over valuation are underway between Torrent and ReNew,” one of the two people cited above said.
Torrent Power, one of India’s largest integrated power utilities with a presence in generation, transmission, and distribution, has been active in India’s green energy transactions and was previously in the running for US private equity firm Global Infrastructure Partners’ (GIP) Indian clean energy platform Vector Green Energy, which was eventually purchased by Singapore’s Sembcorp Industries Ltd.
ReNew power is among the entrants in India’s green economy. It was founded in 2011 by Sumant Sinha.
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