Ahmedabad-based Torrent Power has made a non-binding offer (NBO) for ReNew's 350 MW and 750 MW wind and solar assets for an equity value of around USD 450 million, with valuation discussions still underway. grade. Torrent Power has previously been involved in green energy transactions, and was competing to acquire Vector Green Energy, an Indian clean energy platform owned by US private equity firm Global Infrastructure Partners (GIP), which was eventually acquired by Sembcorp Industries Ltd. from Singapore.
ReNew intends to sell this operating clean energy capacity as part of its capital recycling strategy and use the proceeds to develop new clean energy assets. Renewable energy sources account for 1,068 GW of Torrent Power's total generating capacity of 4.16 GW. Torrent Group is also building a 715 MW renewable energy capacity. Torrent Power and Lightsource Renewable Energy previously agreed to purchase a 50 MW solar power plant in Maharashtra.
Torrent Power serves approximately 3.94 million additional customers in Dadra and Nagar Haveli, Daman and Diu, Ahmedabad, Gandhinagar, Surat, Dholera Special Investment Region, Dahej Special Economic Zone, Bhiwandi, Shil, Mumbra, Kalwa and Agra.
To expand its business, Torrent Power is not opposed to taking an inorganic path. It had made the highest offer to buy the business operations in Dadra and Nagar Haveli and Daman and Diu as part of the process of privatizing electricity distribution companies in the union territories. In Torrent Power's bid to acquire Chandigarh discom, Eminent Electricity Distribution Ltd, a division of Kolkata-based RP-Sanjiv Goenka Group, CESC Ltd, submitted the highest offer.
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