ReNew has signed a share purchase agreement to sell a 300 MW solar project, ReNew Solar Urja, in Rajasthan for $199 million to India Grid Trust.
The transaction is expected to close in accordance with PPA conditions, says the company. Approximately $8 million is set to also be received as an earn-out on account of change-in-law proceeds, after the first payment is realized.
“We are committed towards discipline in allocating capital as well as enhancing shareholder value through asset recycling,” says Kailash Vaswani, ReNew’s CFO. “This reaffirms our ability to unlock value through the sale of assets and pursue more lucrative opportunities. We continue to see interest in the private markets for high-quality stabilized assets.”
ReNew Solar Urja, located in Jaisalmer, Rajasthan, was commissioned in December 2021.