ReNew inks pact with Anzen to sell 300 MW operational solar asset in Rajasthan

ReNew on Monday said it has signed an agreement with Anzen to sell entire stake in its wholly owned subsidiary RSWPL at an enterprise value of USD 176 million

ReNew inks pact with Anzen to sell 300 MW operational solar asset in RajasthanPSU Watch

Published on:

23 Dec 2024, 3:50 pm

New Delhi: ReNew Energy Global Plc (ReNew) on Monday said it has signed an agreement with Anzen to sell entire stake in its wholly owned subsidiary RSWPL at an enterprise value of USD 176 million.

PSU Watch is now on Whatsapp Channels. Click here to join

Under the agreement, ReNew Private will sell 100 per cent shareholding and economic interest in ReNew Sun Waves Pvt Ltd (RSWPL), which houses a 300 MW operating solar asset to Anzen India Energy Yield Plus Trust (Anzen).

In a regulatory filing, ReNew said it "announces the signing of definitive agreement to sell RSWPL to Anzen. The transaction is expected to close post completion of contractual obligations and conditions precedent including receipt of lender approval".

The enterprise value determined under the agreement is USD 176 million, subject to net current assets and other such adjustments as provided in the definitive documents.

NTPC Renewable starts commercial supply of electricity from its solar project in Gujarat

Additionally, USD 17 million is expected to be received as an earn-out on account of change in law proceeds pertaining to increase in basic customs duty (BCD), safeguard duty (SGD) and goods and services tax (GST), after the first payment is released by RSWPL.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)