ReNew Energy Global Plc Signs Agreement with Anzen

ReNew Energy Global Plc (ReNew) has announced a significant transaction with Anzen, selling its entire stake in ReNew Sun Waves Pvt Ltd (RSWPL) for an enterprise value of USD 176 million. This move underscores ReNew's strategic focus on optimizing its portfolio.

Under the agreement, ReNew Private will divest 100% of its shareholding and economic interest in RSWPL, which holds a 300 MW operational solar asset, to Anzen India Energy Yield Plus Trust (Anzen). The transaction is expected to finalize after fulfilling contractual obligations and obtaining lender approvals.

The enterprise value of USD 176 million is subject to adjustments based on net current assets and other provisions outlined in the definitive documents. Additionally, ReNew anticipates receiving an additional USD 17 million as an earn-out due to changes in law, including increases in basic customs duty (BCD), safeguard duty (SGD), and goods and services tax (GST).

The 300 MW SECI solar project, operational for three years, is located in Jaisalmer, Rajasthan, with a tariff of Rs 2.55/unit for its 25-year power purchase agreement.