ReNew Power closes in on Rs 1,500 cr deal with Ayana Renewable Power
The wind farms being sold are housed in a single entity
ReNew Power is close to inking an agreement to sell its wind farms in Karnataka to the UK government-backed Ayana Renewable Power for Rs 1,500 crore.
The wind farms being sold are housed in a single entity in which Ayana Renewable Power is likely to acquire 100 percent shareholding.
The negotiations are in final stages and will result in the transfer of around 300 MW of wind power generation facilities for which supply agreements with state electricity boards are in place.
The sale of the wind farms could help ReNew Power reduce debt and generate cash to meet upcoming financial obligations such as redemption of bonds issued to overseas investors.
ReNew’s wind farms in Karnataka are located in four districts -- Raichur, Bijapur, Belgaum and Bellary. Not all its wind power generation facilities in the state are part of the current deal and it may continue to retain almost 250-300 MW of wind farms post the deal with Ayana Renewable Power.