ReNew Power sells its 138 MW of distributed rooftop solar portfolio to Fourth Partner Energy

ReNew Power has sold 138 MW of its distributed rooftop solar portfolio for INR 672 crores. After accounting for an outstanding debt the cash proceeds from the sale are INR 535 crore. 

“ReNew Power had announced that it has sold 138 MW of its distributed rooftop solar portfolio to Fourth Partner Energy, one of India’s leading companies in solar rooftop power, for INR 6.72 billion (USD 89.9 million or INR 672 crore),” the company said.

ReNew Power, India’s leading renewable energy company, announced on Thursday that it sold 138 MWp of its rooftop solar portfolio to Fourth Partner Energy, one of India’s largest rooftop solar companies, for Rs 6.72 billion (USD 89.9 million or Rs 672 crore), they said in a statement.

TPG and Norfund are investors in Fourth Partner Energy.

According to ReNew Power, after accounting for an outstanding debt of INR 137 crores, the sale generated INR 535 crores in cash. The company expects to gain from the deal, it added.

With this sale, ReNew demonstrates its commitment to maximizing shareholder value by reallocating capital to better opportunities with higher returns as well as being more efficient by concentrating more on large utility-scale projects, the company stated.

Having the ability to leverage its scale, strong asset management, digital analytics, and financing innovations allows it to generate significant competitive advantages, the company noted.

According to ReNew Power’s chairman and CEO Sumant Sinha, “Strong capital discipline is a core value for us. This sale demonstrates the value that can be released from assets, enhancing the ability of ReNew to take advantage of higher-return opportunities in the near future.” 

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