ReNew Power ("ReNew" or "the Company") (NASDAQ:RNW) (NASDAQ:RNWWW), India's leading renewable energy company, today announced that it has sold 117 MW/138 MWp of its distributed rooftop solar portfolio to Fourth Partner Energy, one of India's leading rooftop solar energy companies, for INR 6.72 billion (~$89.9 million).
Fourth Partner is an investee company of TPG and Norfund.
After accounting for an outstanding debt of INR 1.37 billion (~$18.3 million), the cash proceeds from the sale are INR 5.35 billion (~$71.6 million). ReNew expects to record a gain from the deal.
The sale reaffirms ReNew's commitment to creating greater shareholder value through capital reallocation into higher-return opportunities and being more efficient by focusing more on large utility-scale projects. This allows the company to fully leverage its competitive advantages of scale, strong asset management, digital analytics, and financing innovation.
With the sale, the run-rate-adjusted EBITDA for ReNew's total portfolio will be reduced by INR 700 - 720 million (~$9.35 – 9.55 million).