ReNew Power sells wind farms in Karnataka to Ayana Renewable

ReNew Power has sold its wind farms in Karnataka to Ayana Renewable for a consideration of Rs 16 billion. Ayana Renewable is owned by the UK government’s development finance arm, the CDC Group. Both the companies have signed definitive agreements for the transfer of ReNew Power’s portfolio of wind farms located in the Raichur, Bijapur, Belgaum and Bellary districts of Karnataka. The wind farms can generate 300 MW of power. The company is expected to utilise the gains realised from the divestments for reinvestment in new energy projects as well as to reduce debt.