ReNew to acquire 99 MW L&T hydropower plant worth Rs 985 cr
POWER & RENEWABLE ENERGY

ReNew to acquire 99 MW L&T hydropower plant worth Rs 985 cr

Larsen & Toubro (L&T) has announced plans to sell its 99 MW renewable power plant in Rudraprayag, Uttrakhand, to ReNew Power, marking the entry of the Sumit Singh-led company into hydropower.

Both the companies announced the signing of the binding agreement for the acquisition of the power plant.

ReNew Power has signed agreements for 260 MW and 330 MWp solar projects in Telangana. The overall value of the acquisition is nearly Rs 2,850 crore. The company also plans to merge with an American blank cheque company or a Special Purpose Acquisition Company (SPAC), which will bring Rs 380 to Rs 400 crore of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on a yearly basis.

Singoli Bhatwari Hydroelectric Project (SBHEP) owned by L&T Uttaranchal Hydropower Ltd, would be given to ReNew from L&T Power Development Ltd. As a part of the acquisition, ReNew would add SBHEP's project operations team to its power team.

SBHEP has a significant capacity of two to three hours, which adds 200 MWh to 300 MWh hr of low-cost hydro storage to ReNew Power's portfolio, the company said.

Apart from the L&T project, ReNew Power has also won bids for peak power projects and round-the-clock (RTC) power projects, for which ReNew Power has signed a Power Purchase Agreement (PPA).

The transaction is subjected to completion of customary closing conditions, and the expected closing date is before 30 September 2021. The sale is considered to be Rs 985 crore. D K Sen, Director of L&T, told the media that the project is a significant step to unlock the valuable power development assets to streamline and allocate capital to create a long-term value for shareholders.

Image Source


Also read: NHPC, BSHPC enter pact for 130.1 MW Dagmara HE project

Also read: Govt proposes to hive off central hydro projects

Larsen & Toubro (L&T) has announced plans to sell its 99 MW renewable power plant in Rudraprayag, Uttrakhand, to ReNew Power, marking the entry of the Sumit Singh-led company into hydropower. Both the companies announced the signing of the binding agreement for the acquisition of the power plant. ReNew Power has signed agreements for 260 MW and 330 MWp solar projects in Telangana. The overall value of the acquisition is nearly Rs 2,850 crore. The company also plans to merge with an American blank cheque company or a Special Purpose Acquisition Company (SPAC), which will bring Rs 380 to Rs 400 crore of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on a yearly basis. Singoli Bhatwari Hydroelectric Project (SBHEP) owned by L&T Uttaranchal Hydropower Ltd, would be given to ReNew from L&T Power Development Ltd. As a part of the acquisition, ReNew would add SBHEP's project operations team to its power team. SBHEP has a significant capacity of two to three hours, which adds 200 MWh to 300 MWh hr of low-cost hydro storage to ReNew Power's portfolio, the company said. Apart from the L&T project, ReNew Power has also won bids for peak power projects and round-the-clock (RTC) power projects, for which ReNew Power has signed a Power Purchase Agreement (PPA). The transaction is subjected to completion of customary closing conditions, and the expected closing date is before 30 September 2021. The sale is considered to be Rs 985 crore. D K Sen, Director of L&T, told the media that the project is a significant step to unlock the valuable power development assets to streamline and allocate capital to create a long-term value for shareholders. Image Source Also read: NHPC, BSHPC enter pact for 130.1 MW Dagmara HE project Also read: Govt proposes to hive off central hydro projects

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?