ReNew Power to acquire three wind power parks in India
Indian firm ReNew Power Ventures will expand its existing 1,500 MW wind power portfolio by more than 100 MW after it acquires three wind parks in Andhra Pradesh from KC Thapar Group, according to ReNew Power CFO Kailash Vaswani. Although he gave no financial details, anonymous insiders believe the deal to be worth around INR10bn ($153m). The wind parks are all operational, and are selling power to local discoms at INR4.80 per kWh under 25-year contracts.
Indian independent power producer ReNew Power Ventures Pvt Ltd will acquire three fully operational wind parks in Andhra Pradesh totalling 103 MW from the KC Thapar Group, The Economic Times (ET) reports.

Kailash Vaswani, deputy chief financial officer at ReNew Power, unveiled the purchase for the newspaper, but gave no financial details regarding the transaction. Unnamed sources, though, told ET that the acquired assets are valued at about INR 10 billion (USD 153m/EUR 130m).

The transaction includes 79 MW at Molagavalli in Kurnool district and 24 MW at Borampalli in Ananthapur district. The wind farms are selling power to local discoms at INR 4.80 per kWh under 25-year contracts, according to ET’s sources.

The sale process for the plants was initiated four months ago and attracted a dozen strategic and financial investors, Kotak Investment Banking, which advised the KCT Group, told the newspaper.

With this acquisition, ReNew Power will expand its portfolio of commissioned wind farms to 1,600 MW from about 1,500 MW.

(INR 10 = USD 0.153/EUR 0.130)

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