ReNew adds 500 MW of operating wind and solar assets

 The company has signed a PPA Inks Power Purchase Agreement (PPA) for 200 MW solar project with MSEDCL

ReNew Power, India’s leading renewable energy company, announced it has signed definitive agreements to acquire an operating wind and solar portfolio of 527.9 MW, comprising 471.65 MW of wind and 56.25 MW of solar assets.

The Company has also signed a PPA with MSEDCL for a 200-MW solar project. Both deals see the Company’s gross total portfolio jump over 25 percent to 12.8 GW from 10.2 GW at the beginning of 2022.

The acquired 527.9 MW of operating wind and solar projects is spread across eight Indian states. The total enterprise value of these agreements is around ₹ 30 billion (US$ 388 million) 1 and is expected to generate full-year FY23 EBITDA of about ₹3.95-4.24 billion (US$ 51-55 million). The expected closing of the overall transaction is in Q2 FY23, but ReNew will receive all cash flows generated from the assets from the lock box date, i.e., April 1, 2022.

Sumant Sinha, Chairman and CEO, ReNew, said: “The clean energy transition in India must happen at an increasingly rapid pace to meet—and green—the expanding energy requirements of the country, and to strengthen its longer-term energy security.

Given the recent electricity shortages and blackouts, customers are even more keen to sign new power agreements to ensure future supply. ReNew will be at the heart of this growth in clean energy that will support India’s crucial fight against climate change,” Sumant added.