ReNew Energy Sells 300-MW Solar Park in Rajasthan for $176 Million

In a major development in India’s renewable energy sector, ReNew Energy Global Plc (NASDAQ: RNW) has signed an agreement to sell its entire stake in ReNew Sun Waves Pvt Ltd (RSWPL), the entity managing a 300-MW solar park in Jaisalmer, Rajasthan. The transaction, valued at USD 176 million (EUR 168.7 million), marks a significant milestone for the company’s portfolio optimization strategy.

Details of the Sale

The buyer, AnZen India Energy Yield Plus Trust, a domestic energy investor sponsored by SEPL Energy (a portfolio company of Edelweiss Infrastructure Yield Plus fund), will take ownership of the solar park. The definitive agreement includes adjustments for net current assets and other considerations. Additionally, ReNew Energy may receive an extra USD 17 million contingent on favorable regulatory changes.

About the Jaisalmer Solar Park

Operational for the past three years, the 300-MW photovoltaic (PV) park is underpinned by a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). It delivers electricity at a highly competitive tariff of INR 2.55 (USD 0.03/EUR 0.029) per kWh.

Implications for India’s Renewable Energy Landscape

This sale reflects ReNew Energy’s broader strategy to optimize its asset base while maintaining a strong focus on scaling clean energy production in India. The deal also highlights the increasing interest of domestic investors like AnZen in renewable energy projects, aligning with India’s ambitious renewable energy goals.

Strategic Vision

ReNew Energy’s decision to divest comes as part of its efforts to streamline operations and enhance shareholder value. The company remains a key player in India's transition to renewable energy, contributing to the nation’s target of achieving 500 GW of non-fossil fuel capacity by 2030.