Torrent Power is in talks with ReNew Energy Global to purchase 1.1 gigatonnes (GW) of green power plants for $1.2 billion. The Ahmedabad-based firm has made a non-binding offer (NBO) of $450 million for ReNew’s 350 and 450 Mw solar and wind assets.
As part of its capital recycling strategy, ReNew intends to sell its operational, clean energy capacity. The proceeds will be reinvested in the development of new green energy assets.
ReNew Power, which was founded in 2011, is one of the most recent entrants into India’s green energy sector. It has a portfolio of 13.64 Gw. The company merged with RMG Acquisition Corp II in August 2021 to form ReNew Energy Global Plc. It has also formed a tripartite joint venture for green hydrogen with Indian Oil Corp and L&T. In December, the company agreed to supply 150 Mw of green energy to Microsoft India.
Torrent Power, on the other hand, has a 4.16 Gw power generation capacity. Dadra and Nagar Haveli, Daman and Diu, Ahmedabad, Gandhinagar, Surat, Dahej special economic zone, Dholera special investment region, Bhiwandi, Shil, Mumbra, Kalwa, and Agra are all served by it.