ReNew inks deal to sell 300 MW solar project with a valuation of USD199 million

ReNew has signed a share purchase agreement with India Grid Trust to sell a 300 MW solar project in Rajasthan, ReNew Solar Urja Private Limited (RSUPL), for a total enterprise value of USD199 million. The transaction is expected to close in accordance with PPA conditions. Approximately USD8 million is expected to be additionally received as an earn-out on account of change-in-law proceeds, after the first payment is realised by RSUPL. The project has a 25 year PPA with SECI at a fixed tariff of Rs 2.71 per unit.