Torrent Power eager to buy 1.1 GW of wind, solar from ReNew

CCMS Bureau

Indian power producer Torrent Power is keen on buying a 1.1-GW portfolio of wind and solar projects from compatriot ReNew Energy Global Plc.

Two sources familiar with the matter have said a news agency that Torrent Power has made a non-binding offer for 350 MW of solar photovoltaic (PV) and 750 MW of wind projects at an equity value of $450 million or an enterprise value of $1.2 billion. Talks regarding the valuation are reportedly still in progress.

ReNew’s gross renewable energy portfolio across India amounted to 13.4 GW at the end of September 2022, including commissioned and committed projects.

In November 2022, the Mint wrote about the company’s plan to divest its operational, clean energy capacity under an initiative aimed at gathering funds for the construction of new green energy plants.

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