ReNew Signs Deal with Anzen to Sell 300 MW Solar Asset in Rajasthan

26 Dec 2024 CW Team

ReNew Energy Global Plc (ReNew) announced that it had entered into an agreement with Anzen to sell its entire stake in its wholly owned subsidiary, ReNew Sun Waves (RSWPL), at an enterprise value of $176 million. As per the agreement, ReNew Private will transfer 100 per cent of its shareholding and economic interest in RSWPL, which owns a 300 MW operating solar asset, to Anzen India Energy Yield Plus Trust (Anzen).

In a regulatory filing, ReNew stated that it had signed a definitive agreement to sell RSWPL to Anzen. The transaction is expected to close once the contractual obligations and conditions precedent, including lender approval, are completed.

The enterprise value under the agreement is $176 million, subject to adjustments based on net current assets and other terms outlined in the definitive documents. Additionally, $17 million is anticipated as an earn-out due to the change in law proceeds, related to an increase in basic customs duty (BCD), safeguard duty (SGD), and goods and services tax (GST), after the first payment is made by RSWPL.

The 300 MW SECI solar project, located in Jaisalmer, Rajasthan, has been operational for three years. The power purchase agreement for the project has a tariff of Rs 2.55 per unit over 25 years.

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