ReNew to sell 300 MW solar projects to Singapore’s Sembcorp in $200 million deal

Core Insights - ReNew Energy Global Plc has agreed to sell 300 MW of solar projects to Sembcorp Industries for an equity value of approximately $100 million and an enterprise value of around $190 million [1][2] - The acquisition involves 100% ownership of ReNew Sun Bright Private Limited, which operates a solar power asset in Rajasthan, India [2][3] - The deal is part of ReNew's capital recycling strategy, which includes previous asset sales and aims to optimize its portfolio [8][9] Company Specifics - ReNew Sun Bright operates a 300 MW solar power asset that began commercial operations in November 2021 and is connected to the national grid [3] - The project has a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited [3] - ReNew Energy has been actively selling assets, including a recent sale of a 300 MW solar plant to Edelweiss for an enterprise value of $176 million [9] Industry Context - India's renewable energy sector has a potential of 748 GW, with an installed capacity of 245 GW, including 116 GW from solar and 52 GW from wind [11] - The country aims to add 50 GW of green energy capacity annually to reach 500 GW by 2030 [11] - Global investors are increasingly attracted to India's green energy opportunities, leading to a surge in mergers and acquisitions [12]