ReNew Inks $176-Million Deal With Anzen To Sell 300 MW Solar Asset In Rajasthan

ReNew Energy Global Plc. on Monday said that it will sell its entire stake in ReNew Sun Waves Pvt. for $176 million to Anzen India Energy Yield Plus Trust.

This follows the India-based decarbonisation solutions company entering into an agreement with Anzen to sell its wholly owned subsidiary.

According to the agreement, ReNew Pvt. will sell its 100% stake and economic interest in ReNew Sun Waves, which has a 300-MW operating solar asset to Anzen.

The Nasdaq-listed company's regulatory filing stated that it "announces the signing of a definitive agreement to sell RSWPL to Anzen. The transaction is expected to close post completion of contractual obligations and conditions precedent including receipt of lender approval".

While the enterprise value determined under the agreement is $176 million, it is subject to net current assets and other such adjustments as provided in the definitive documents, it said.

In addition to the above, ReNew also expects to receive $17 million as an earn-out due to the change in law proceeds pertaining to increase in basic customs duty, safeguard duty and goods and services tax, after the first payment is released by RSWPL.

The 300-MW SECI solar project, located in Rajasthan’s Jaisalmer, has been operational for three years. The tariff for the 25-year power purchase agreement is Rs 2.55/unit.