ReNew Power, the largest independent power producer, is set to acquire five companies in the renewable power space — solar and wind — that have a combined capacity of about 680 MW for about Rs 6,000 crore, said two people familiar with the development.
The Supreme Court has slapped a penalty of Rs 110 million on Gurgaon-headquartered renewable energy company ReNew Power for delaying the commissioning of a 51-Mw solar power project in Madhya Pradesh by more than 210 days. The court, however, set aside the cancellation of the power purchase agreement (PPA) which the MP government had initiated.
Sumant Sinha-led Re-New Power Ventures has finalised the takeover of Ostro Energy for an enterprise value of ₹10,800 crore ($1.66 billion), the biggest M&A deal in the renewables sector, sources close to the deal said.
Solar funding grew last year as approximately 9.6 GW of new solar installations were added to the Indian grid
In 2017, the Indian solar sector logged over $10 billion (~₹650 billion) in financing activity, according to Mercom Capital Group’s recently released 2017 Q4 and Annual India Solar Market Update.
With every new year comes the renewal of hope. “The situation has started stabilising now,” feels UB Reddy, managing director, Enerfra, a leading contractor for wind and solar projects.
The country’s largest ever wind auction of 2,000 MW has received bids ranging from Rs 2.47 to Rs 2.65 per unit, close to the record low ofRs 2.43, from major players in the sector.
Maharashtra, with an installed generation capacity of 13,602 MW, is set to become power surplus. Industry majors including Tata Power, Adani Power, Torrent Power, SoftBank Group, ReNew Power and Waaree Energies will invest a whopping Rs 1.30 lakh crore in generation (thermal, gas, solar and wind), transmission and distribution.
Economic Times reported that the renewable energy sector in India is on the road to consolidation and players with smaller portfolios are looking at exiting the market as returns are shrinking in the face of lower tariffs and uncertainty on the policy front.
Canada Pension Plan Investment Board (CPPIB) has agreed to invest $144 million in alternative energy firm ReNew Power as global investors continue to back clean energy assets in the country.
Canada Pension Plan Investment Board (CPPIB) on Monday said it is acquiring a 6.3% stake in ReNew Power Ventures Pvt. Ltd from Asian Development Bank for $144 million.