ReNew Energy Global (ReNew) will sell its 100 MW solar project in Tamil Nadu to Technique Solaire Group for about $49 million. The agreement was inked between ReNew Solar Power and JLT Energy 9. It involves the sale of ReNew Solar Energy (Rajasthan), a special-purpose vehicle that developed the project. JLT Energy 9 is the India-focused investment arm and wholly-owned subsidiary of France-based JLT Invest, which is the holding company of Technique Solaire.
The solar project operates under a 25-year power purchase agreement inked with Tamil Nadu Generation and Distribution Corporation at a tariff of Rs 3.47 per kWh. Additionally, the deal is subject to regulatory approvals and is expected to generate approximately $24 million in cash for ReNew.
Earlier this month, ReNew’s commercial and industrial arm, ReNew Green Energy Solutions Private Limited, secured an equity investment of $95 million.
