ReNew Power sells 300 MW of wind farms to Ayana Renewable for Rs 16 billion

ReNew Power has authorised the sale of its wind farms in Karnataka to Ayana Renewable for Rs 16 billion. The wind farms, aggregating 300 MW, are located in the Raichur, Bijapur, Belgaum and Bellary districts of Karnataka. The two companies have signed definitive agreements for the sale of these assets. ReNew Power, due to its expansion, had reported a debt of Rs 250 billion in its latest balance sheet. The current deal is expected to reduce the company’s debt. Further, ReNew Power is looking to monetise assets in its portfolio, which has generated sufficient returns for its shareholders. The power producer is expected to use the profits from these divestments to finance new energy projects. ReNew Power had acquired the wind farms as part of its Rs 100 billion acquisition of Ostro Energy in 2018.

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