ReNew Power sells its roofing portfolio for Rs 672 crore and moves on to larger projects

ReNew Power sells its roofing portfolio for Rs 672 crore and moves on to larger projects

“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,” Sumant Sinha, chairman and chief executive officer of ReNew Power, was quoted as saying in the press release. Fourth Partner is an investee company of TPG and Norfund. The cash proceeds from the deal stands at Rs 535 crore, after accounting for an outstanding debt of Rs 137 crore. “ReNew expects to record a gain from the deal,” the company said. After the sale, ReNew Power’s run-rate-adjusted earnings before interest, tax, depreciation and amortisation will reduce by Rs 70-72 crore.

ReNew Power, a NASDAQ-listed firm, said on January 27 that it will quit the rooftop solar sector by selling its 117 megawatts (mw) portfolio to Fourth Partner Energy for an enterprise value of Rs 672 crore. The sale of the firm is part of the company’s expanded focus on initiatives with higher-return and large-scale potential, according to the company.

ReNew Power said the company aims to create greater shareholder value through capital reallocation into higher-return opportunities and by being more efficient by focusing more on large utility-scale projects. This will allow the company to fully leverage its competitive advantages of scale, strong asset management, digital analytics, and financing innovation. As of December 31, ReNew had a total capacity of approximately 10.3 gigawatts (GW) of renewable energy projects across India, including commissioned and committed projects. The company has earlier given guidance of 8.2 GW of operational capacity by financial year 2021-22 as against around 6,315 mw now. India has revised its clean energy target and it now aims to build 500 GW of renewable energy capacity by 2030.

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