ReNew Power sells its rooftop solar portfolio to Fourth Partner Energy

Deal valued at Rs 672 crore. Fourth Partner Energy is backed by TPG and Norfund.

Nasdaq-listed ReNew Power sold its rooftop solar portfolio of 117 Mw to Bengaluru-based Fourth Partner Energy (FPE) at a value of Rs 672 crore. Fourth Partner Energy is backed by TPG and Norfund.

ReNew in a public statement said the cash proceeds from the sale would stand at Rs 535 crore, after accounting for the debt of Rs 137 crore. With the sale, the run-rate-adjusted EBITDA for ReNew’s total portfolio will be reduced by Rs 70-72 crore, the company said.

Sumant Sinha, Chairman and CEO, ReNew Power, said, “Strong capital discipline is a core value for ReNew. This sale illustrates the value that can be released through sale of assets and enhances our ability to capitalize on higher-return opportunities in the near term.”