According to media reports, Indian energy and power company, Torrent Power is planning to purchase photo voltaic and wind energy projects worth 450 million dollars from ReNew Energy Global Plc.
Mint reported that Torrent Power based in Ahmedabad is planning to purchase the green power initiatives totaling 1.1 gigawatts (GW) for $1.2 billion.
Torrent Power has reportedly submitted non-binding offers to purchase the photo voltaic and wind energy facilities. People who have knowledge regarding the transaction told Mint that no financial institution has so far been appointed for the transaction by ReNew. Talks regarding the valuations are also reportedly undergoing.
Since the beginning of 2022, Torrent Power owned by Indian multinational conglomerate Torrent Group has been making multiple attempts to purchase green energy projects and plants.
In September 2022, there were reports that the company was competing to acquire Vector Green Energy, the Indian renewable energy platform of the US private equity firm Global Infrastructure Partners (GIP). In the end, Vector Green Energy was acquired by Sembcorp Industries Ltd based in Singapore.
A few months before that, in February, Torrent Power entered into a share purchase agreement to acquire 100 percent equity share capital of Visual Percept Solar Projects Private Limited for Rs 163 crore. It was a special-purpose vehicle owned by Blue Daimond Properties Private Limited and Balrampur Chini Mills Limited.
Founded in 2011, ReNew Power currently holds a 13.64 GW power portfolio in the Indian energy sector. In 2021, Renew power merged with RMG Acquisition Corp II to form ReNew Energy Global Plc.
A few weeks ago, there were news reports that ReNew Energy Global Plc were planning to offload some of its operational, clean energy capacity as part of recycling capital. It is expected that proceeds from the sales will be utilized for new additional green energy assets.
In December 2022, ReNew struck a power supply agreement with Microsoft India, in which the company will supply 150 mega watt of green energy to the multinational tech giant. The company is also planning to invest Rs 30,000 crore in the next two years to scale up its solar and wind power generation capacities.
