Renew Eyes Orange’s Portfolio In $950 Million Deal To Bulk Up Before IPO

Renew Eyes Orange’s Portfolio In $950 Million Deal To Bulk Up Before IPO

Sumant Sinha led ReNew Power Ventures Pvt Ltd, a Goldman Sachs backed clean energy company — is in active discussions with Orange Renewable to acquire its portfolio of a little over 600 MW of predominantly wind and a smattering of solar assets for Rs 6175 crore ($950 million) of enterprise valuation, according to multiple officials in the know.

Renew has already submitted a non binding offer and is conducting diligence, the sources add.
Orange promoted by Singapore’s AT Capital was founded by Arvind Tiku, a Russia based Indian origin billionaire who made his fortunes in Central Asian oil and gas industry. Earlier this year it mandated investment bank Rothschild to help scout for a strategic buyer for its assets.

Negotiations between both sides are ongoing but the talks are not exclusive in nature. Sources add that Orange has also reached out to a few other strategic players including Adani and Greenko, but the dialogue with ReNew is most advanced.

The exact structure of the deal is not yet final but chances of Orange merging into ReNew in a part cash part stock deal is likely, said one of the officials involved directly on condition of anonymity as the talks are in private domain.

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