Torrent Power may buy ReNew Energy’s 1.1 GW capacity, Ahmedabad-based energy company Torrent Power is likely to buy clean energy initiatives totalling 1.1 gigawatts (GW) from ReNew Energy Global Plc.
According to a report by Mint, the company is in talks to seal the deal amounting to $1.2 billion and has submitted a non-binding provide (NBO) for ReNew’s photo voltaic and wind energy belongings of 350 megawatts (MW) and 750MW, respectively, at a fairness worth of around $450 million. Join Our Instagram Channel
“No sell-side financial institution has been appointed for this transaction by ReNew. The talks over valuation are underway between Torrent and ReNew,” the Mint report stated, citing people aware of the matter.
Moneycontrol had reported in September that Torrent Power was in fray to acquire Vector Green Energy, the Indian renewable energy platform of US private equity firm Global Infrastructure Partners (GIP) that was lastly purchased by Singapore’s Sembcorp Industries Ltd.
In February last year, Torrent Power entered into a share purchase agreement (SPA) with Blue Daimond Properties Private Limited and Balrampur Chini Mills Limited, the sellers, to acquire 100 percent equity share capital of Visual Percept Solar Projects Private Limited, the SPV, for Rs 163 crore.
In March, the company inked agreements to acquire 51 percent equity of Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Ltd.
The month followed, the company said that it has inked a pact with SkyPower group to acquire a 50-megawatt solar power plant in the southern state of Telangana.
In July, Torrent Power acquired 100 percent stake in Wind Two Renergy Private Ltd (WTRPL) for Rs 32.51 crore from Inox Green Energy Services. The company has acquired 3,25,10,000 equity shares of WTRPL at a face value of Rs 10 each, according to the BSE filing. Join Our Telegram Channel
Notably, Torrent Power is the integrated power utility of the diversified Torrent Group with group revenues of Rs 20,500 crore. The company currently has an aggregate installed generation capacity of around 4.1 gigawatt, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.0. GW).
The energy company reported net profit of Rs 481.65 crore in the quarter ended September 2022, up 31.11 percent against Rs 367.35 crore during the previous quarter ended September 2021. Sales rose 83.77 percent to Rs 6703.15 crore in the quarter ended September 2022 as against Rs 3647.62 crore during the previous quarter ended September 2021.