ReNew to Sell 300 MW Project to India Grid Trust

Source: Wayne National Forest. ReNew has entered into a share purchase agreement to divest its 300 MW solar project, ReNew Solar Urja, in Rajasthan to India Grid Trust for $199 million. The deal is anticipated to be finalized in line with the conditions of the Power Purchase Agreement (PPA), according to the company. Around $8 million can be expected in earn-out due to changes in law, following the receipt of the initial payment. “Our dedication to responsibly allocating capital while increasing shareholder value via asset recycling is unwavering,” said Kailash Vaswani, CFO of ReNew. This validates our capacity to create wealth via asset disposal and seek more profitable prospects. There remains ongoing enthusiasm in the private sectors for top-tier, stable assets. In December 2021, ReNew Solar Urja, situated in Jaisalmer, Rajasthan, was officially launched.