Torrent Power Ltd is considering buying clean power projects totalling 1.1 GW from ReNew Energy Global Plc in India.
Torrent Power is one of India’s largest integrated power utilities, while ReNew Power is a huge contributor to India’s green economy. It has been reported that the talks are on for transaction of the enterprise value of around $1.2 billion.
According to the local reports, Torrent Power has submitted a non-binding offer for ReNew’s solar and wind power assets of 350 MW and 750MW respectively.
It has been reported that the talks over valuation are underway between Torrent and ReNew.
Earlier, ReNew had shared its plan to “sell the operational clean energy capacity as part of the company’s capital recycling strategy to reinvest the proceeds in building new clean energy assets.”
According to Torrent Power, it consists of 4.16GW generation capacity in which renewables account for 1.068GW. Besides, the Group firm is developing 715MW of renewable energy capacity.
Earlier, Torrent Power had inked a deal with Lightsource Renewable Energy for a 50MW solar power plant in Indian state of Maharashtra.
Meanwhile, ReNew consists of a 13.4GW portfolio with a commissioned capacity of 7.7GW.