ReNew Power acquires Ostro Energy

Clean energy company, ReNew Power today said it has acquired Ostro Energy for an undisclosed amount.

"This strategic investment helps ReNew Power further consolidate its position in the fast-growing, Indian clean energy sector," the company said in a statement issued here.

Concurrent with this transaction, Canada Pension Plan Investment Board (CPPIB) is investing an additional USD 247 million to support ReNew Power's financing for this acquisition.

As a result, the CPPIB's combined investment in ReNew Power now stands at USD 391 million, following an earlier investment of USD 144 million in January this year, the company said.

Currently ReNew has assets of more than 4,500 MW, which include a commissioned capacity of around 2,800 MW, while Ostro Energy has a total capacity of more than 1,100 MW, out of which nearly 850 MW is already commissioned.

With the acquisition the company's combined capacity will now exceed 5,600 MW, it said.

"ReNew Power's growth has been mostly organic till now. This is the largest acquisition for the company till date and reinforces its already strong position in the Indian market," the company said.

Ostro Energy's assets are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat.

"The Ostro portfolio is also diversified by off takers and also original equipment manufacturers, further complementing the ReNew Power portfolio," the company added.