PTT Group looks to acquire stake in ReNew Power

ReNew Power has 10 GW of operational and under construction wind and solar capacity

PTT Group, Renew Power, Andhra Pradesh, Telangana, Rajasthan, Tamil Nadu, Maharashtra, State electricity boards, Wind and solar projects, Power Purchase Agreements, Petronas, Goldman Sachs, Malaysia, Thailand

Thailand’s state-owned energy company PTT Group is in talks with Goldman Sachs Group to buy a stake in ReNew Power.

PTT Group is conducting due diligence and has indicated that it’s open to investing a minimum $500 million at a valuation of $2.2 billion, about half of what the company sought two years back.

Goldman Sachs, the largest shareholder of ReNew Power with 48% stake, has been looking to lower its holding and unlock value for some time.

Malaysia’s state-owned Petronas has been in active negotiations with Tata Power to co-invest in its clean energy investment trust (InvIT).

ReNew Power has 10 GW of operational and under construction wind and solar capacity. The majority of assets – 96% of group capacity – have power purchase agreements (PPAs) with tenure of around 20-25 years.

Additionally, close to two GW of its projects located in states like Andhra Pradesh, Telengana, Rajasthan, Tamil Nadu, Maharastra are facing delayed payments from state electricity boards or locked in litigation over sanctity of  contracts.

This has forced the company to sell assets, seek partnerships to deleverage its balance sheet. In January 2020, it raised $450 million through a dollar bond issue to refinance existing borrowings and for future capital expenditure.

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