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ReNew Power to buy Waaree Energies

Power News - Published on Thu, 28 Dec 2017

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Live Mint quoted Two people aware of the development as saying that ReNew Power Ventures Pvt Ltd is exploring the acquisition of Waaree Energies Ltd’s solar power projects as it seeks to consolidate its position as India’s largest clean energy firm before a planned initial public offering.

One of the two people cited above, requesting anonymity said that “ReNew Power has been in talks with Waaree Energies for its solar power generation assets.” The second person confirmed the development.

Goldman Sachs-backed ReNew Power has around 3.5 gigawatts (GW) of operational and under-construction capacity from its own wind and solar projects. It has set a target of over 11GW of wind and solar power capacity over the next five years.

Waaree Energies is one of India’s largest solar module manufacturers and has a 500 megawatt (MW) module manufacturing plant at Surat in Gujarat.

ReNew Power also plans to acquire global private equity firm Actis LLP’s Ostro Energy Pvt. Ltd, in a transaction that may rank among India’s largest renewable energy deals, Mint reported on 7 November.

Mr Hitesh Doshi chairman and managing director of Waaree Energies, didn’t respond to phone calls or to a message left on his cellphone. A ReNew Power spokesperson said in an emailed response: “On your query regarding Waaree Energies, we’re unfortunately not in a position to comment.”

Japan’s JERA Co. Inc bought a 10% stake in ReNew Power for USD 200 million in February, valuing the company at USD 2 billion.

Apart from Goldman Sachs and the Abu Dhabi Investment Authority, other investors in ReNew Power include Asian Development Bank and Global Environment Fund.

India witnessed record low solar tariffs of INR 2.44 per unit in May, which rose to INR 2.65 per kilowatt-hour in an auction conducted by the Gujarat government in September.

Last week’s auctions conducted by state-run Solar Energy Corp. of India saw winning tariffs of INR 2.47 and INR 2.48 per unit.

India’s green energy space is witnessing consolidation with overseas investors, such as France’s Engie SA and Rosatom State Atomic Energy Corp readying their India plans.

Some of the active deals reported by Mint include Taaleri Plc.’s interest in acquiring a stake in Finland’s state-controlled power utility Fortum Oyj’s operational Indian solar power projects and Greenko Group and Hero Future Energies Pvt Ltd being in separate talks with Singapore-based AT Capital Group to acquire Orange Renewable’s portfolio.

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Posted By : Nanda Koijam on Thu, 28 Dec 2017
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