ReNew Energy Global has entered into an agreement to sell its entire stake in ReNew Sun Waves Pvt Ltd (RSWPL) to Anzen India Energy Yield Plus Trust (Anzen) at an enterprise value of $176 million. RSWPL, a wholly owned subsidiary of ReNew, manages a 300 MW operating solar asset located in Jaisalmer, Rajasthan.
The transaction is expected to close post-completion of contractual obligations, conditions precedent, and lender approvals. The enterprise value is subject to adjustments based on net current assets and other provisions outlined in the definitive agreement. Additionally, ReNew anticipates an earn-out of $17 million due to changes in law impacting basic customs duty, safeguard duty, and goods and services tax, which will be received after the first payment is made by RSWPL.
In December 2024, ReNew commissioned 750 MW of its 1,000 MW solar project in Rajasthan, developed in a partnership with the Solar Corporation of India (SECI) through three power purchase agreements (PPAs), under the Make in India initiative with 90 per cent locally manufactured panels, with the remaining 225 MW is set to be operational by Jan 2025.
