ReNew to sell minority stake in C&I projects
POWER & RENEWABLE ENERGY

ReNew to sell minority stake in C&I projects

ReNew Energy Global Plc. is planning to sell a minority stake in its commercial and industrial (C&I) projects for around $300 million as part of its capital recycling strategy, two people aware of the development said. The company, one of India’s largest clean energy developers, plans to hire investment bank Moelis & Co. to sell up to 30 per cent equity stake in its 2.3-Gigawatt C&I project portfolio, the people cited above said on the condition of anonymity, adding the plan is still in early stages.

There is growing investor interest in the mature C&I segment, which does not involve risks such as electricity distribution companies curtailing power procurement. Recently, Aditya Birla Group hired Standard Chartered to sell up to 49 per cent stake in the group’s renewable energy business to raise around $400 million. This also comes against the backdrop of ReNew planning Rs 350,000 million capital expenditure over the next 18 months.

ReNew has been looking at a number of opportunities as part of its capital recycling strategy. Earlier, Japan’s Mitsui & Co. Ltd. acquired a 49 per cent stake in ReNew’s round-the-clock 1.3GW renewable energy project and 100MWh battery storage farm. ReNew has tied up several partnerships as part of its growth strategy. This includes a partnership with Norway’s state-owned investment fund Norfund, and KLP, Norway’s largest pension company, to co-invest in transmission projects. ReNew Energy Global Plc’s subsidiary ReNew Power Private Ltd has also partnered with Elsewedy Electric SAE to set up a green hydrogen plant in the Suez Canal Economic Zone at an investment of $8 billion.

It has also joined hands with AES, and Siemens-backed Fluence to form an equal joint venture for energy storage business in India. In addition, ReNew has also partnered with state-run Indian Oil Corp. Ltd and Larsen & Toubro to form a tripartite venture for the green hydrogen sector in India.

ReNew Energy Global Plc. is planning to sell a minority stake in its commercial and industrial (C&I) projects for around $300 million as part of its capital recycling strategy, two people aware of the development said. The company, one of India’s largest clean energy developers, plans to hire investment bank Moelis & Co. to sell up to 30 per cent equity stake in its 2.3-Gigawatt C&I project portfolio, the people cited above said on the condition of anonymity, adding the plan is still in early stages. There is growing investor interest in the mature C&I segment, which does not involve risks such as electricity distribution companies curtailing power procurement. Recently, Aditya Birla Group hired Standard Chartered to sell up to 49 per cent stake in the group’s renewable energy business to raise around $400 million. This also comes against the backdrop of ReNew planning Rs 350,000 million capital expenditure over the next 18 months. ReNew has been looking at a number of opportunities as part of its capital recycling strategy. Earlier, Japan’s Mitsui & Co. Ltd. acquired a 49 per cent stake in ReNew’s round-the-clock 1.3GW renewable energy project and 100MWh battery storage farm. ReNew has tied up several partnerships as part of its growth strategy. This includes a partnership with Norway’s state-owned investment fund Norfund, and KLP, Norway’s largest pension company, to co-invest in transmission projects. ReNew Energy Global Plc’s subsidiary ReNew Power Private Ltd has also partnered with Elsewedy Electric SAE to set up a green hydrogen plant in the Suez Canal Economic Zone at an investment of $8 billion. It has also joined hands with AES, and Siemens-backed Fluence to form an equal joint venture for energy storage business in India. In addition, ReNew has also partnered with state-run Indian Oil Corp. Ltd and Larsen & Toubro to form a tripartite venture for the green hydrogen sector in India.

Next Story
Infrastructure Energy

Amazon Achieves 100% Renewable Energy

Amazon has achieved its goal of powering its global operations with 100% renewable energy, seven years ahead of its original target set for 2030, as reported. This significant milestone underscores Amazon's commitment to sustainability and its leadership in corporate renewable energy adoption. Amazon's journey towards 100% renewable energy began with a series of strategic investments in solar and wind projects around the world. These projects include large-scale wind farms and solar arrays that contribute substantial amounts of clean energy to the grid. By reaching this goal early, Amazon has ..

Next Story
Infrastructure Energy

Faster Renewable Expansion Needed: IRENA

The International Renewable Energy Agency (IRENA) has emphasized the urgent need for an accelerated expansion of renewable energy to meet global 2030 targets, as reported by the Economic Times. According to IRENA, current efforts are insufficient, and a substantial increase in the deployment of renewable energy technologies is crucial to achieving climate goals and ensuring sustainable development. IRENA's latest report highlights that despite progress in renewable energy adoption, the pace of growth must triple to align with the targets set in the Paris Agreement. The report stresses that ren..

Next Story
Infrastructure Energy

SECI Announces Green Hydrogen Tender

SECI's Green Hydrogen Tranche-II tender is designed to attract investments and partnerships in the green hydrogen sector. The tender aims to promote the development of green hydrogen projects across the country, leveraging India's vast renewable energy resources. This move aligns with the government's National Hydrogen Mission, which focuses on creating a sustainable hydrogen economy and reducing carbon emissions. The tender seeks proposals from companies and consortiums capable of establishing large-scale green hydrogen production facilities. These facilities will utilize renewable energy sou..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram