ReNew Sells 300 MW Rajasthan Solar Project to India Grid Trust for $199 Million

Leading decarbonization firm ReNew Power has signed an agreement to divest a 300 MW solar project in Rajasthan to India Grid Trust for $199 million. The deal is aligned with ReNew’s capital recycling strategy to channel funds into higher return venues.

Under the share purchase pact, ReNew Solar Urja will offload the operational solar farm in Jaisalmer to IGX for an enterprise value of $199 million. An additional $8 million is expected later as earn-out from change-in-law proceeds.

The transaction will generate a cash inflow of around $82 million for ReNew after debt transfer. ReNew CFO Kailash Vaswani said the deal reaffirms the company’s discipline in capital allocation and ability to unlock value through asset rotations.

The solar project has been revenue-generating for two years under a 25-year PPA with SECI at a tariff of ₹2.71 per unit. In FY22-23, it clocked a 27.42% PLF.

ReNew possesses one of the largest clean energy portfolios globally at 13.8 GW. The divestment highlights continued strong interest in assets developed by leading renewable players like ReNew.