ReNew Sells RSWPL Stake in $176 Million Deal

ReNew Energy Global Plc has signed an agreement to divest its entire stake in its subsidiary ReNew Sun Waves Pvt Ltd for an enterprise value of USD 176 million. The sale involves a 300 MW solar asset in Rajasthan, with the transaction expected to conclude after fulfilling necessary conditions.

ReNew Energy Global Plc announced on Monday the signing of an agreement with Anzen to sell its entire stake in its wholly owned subsidiary, ReNew Sun Waves Pvt Ltd, at an enterprise value of USD 176 million. The subsidiary comprises a 300 MW operating solar asset.

The deal with Anzen India Energy Yield Plus Trust involves transferring 100 percent shareholding and economic interest in ReNew Sun Waves Pvt Ltd, known as RSWPL. According to a regulatory filing, the transaction is anticipated to finalize once all contractual obligations and necessary approvals are met.

The agreement outlines a potential earn-out of USD 17 million due to changes in law relating to basic customs duty, safeguard duty, and GST. Located in Jaisalmer, Rajasthan, the 300 MW solar project has been operational for three years, locked in a 25-year power purchase agreement at Rs 2.55 per unit.

(With inputs from agencies.)