Business
ReNew Power Sells Rooftop Portfolio
- Sale spotlights ReNew's increased focus on higher-return, larger scale opportunities - Total enterprise value of INR 6.72 billion ($89.9 million) GURUGRAM,
About this update from Renew Energy Global Plc
[{"type":"text","content":"- Sale spotlights ReNew's increased focus on higher-return, larger scale opportunities\n - Total enterprise value of INR 6.72 billion ($89.9 million)\n\n\nGURUGRAM, India, Jan. 27, 2022 /PRNewswire/ -- ReNew Power (\"ReNew\" or \"the Company\") (NASDAQ: RNW) (NASDAQ: RNWWW), India's leading renewable energy company, today announced that it has sold 117 MW/138 MWp of its distributed rooftop solar portfolio to Fourth Partner Energy, one of India's leading rooftop solar energy companies, for INR 6.72 billion (~$89.9 million). \nFourth Partner is an investee company of TPG and Norfund. \nAfter accounting for an outstanding debt of INR 1.37 billion (~$18.3 million), the cash proceeds from the sale are INR 5.35 billion (~$71.6 million). ReNew expects to record a gain from the deal. \nThe sale reaffirms ReNew's commitment to creating greater shareholder value through capital reallocation into higher-return opportunities and being more efficient by focusing more on large utility-scale projects. This allows the company to fully leverage its competitive advantages of scale, strong asset management, digital analytics, and financing innovation. \nWith the sale, the run-rate-adjusted EBITDA for ReNew's total portfolio will be reduced by INR 700 - 720 million (~$9.35 – 9.55 million). \nMr. Sumant Sinha, Chairman and CEO, ReNew Power, said, \"Strong capital discipline is a core value for ReNew. This sale illustrates the value that can be released through sale of assets and enhances our ability to capitalize on higher-return opportunities in the near term.\" \nAbout ReNew: \nReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects. As of December 31, 2021, ReNew had a total capacity of 10.3 GW of renewable energy projects across India including commissioned and committed projects. For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power \nNote: The INR/US$ exchange rate considered as 74.78. \n View original content:https://www.prnewswire.com/news-releases/renew-power-sells-rooftop-portfolio-301469673.html\nSOURCE ReNew Energy Global PLC","length":3403,"tagName":"div"}]