New Delhi, Oct. 8 -- Green energy company ReNew Energy Global Plc, which is being delisted from the Nasdaq stock exchange in the US and is looking to go public in India, has agreed to sell a 300-megawatt solar power project to a unit of Singapore's Sembcorp Industries at an enterprise value of $191 million (around Rs 1,700 crore).
ReNew said in a regulatory disclosure it has signed a definitive agreement to sell the Rajasthan-based project to Sembcorp Green Infra Pvt Ltd, a wholly owned subsidiary of Sembcorp Industries.
The transaction is projected to generate about $98 million in cash inflow for ReNew, subject to closing adjustments.
The 300MW project, housed under ReNew Sun Bright Pvt Ltd, is located in Jaisalmer, Rajasthan. It was commissioned in November 2021. It has a 25-year agreement to sell power to Maharashtra State Electricity Distribution Co. Ltd.
Separately, Sembcorp said that this acquisition will increase its gross renewable energy capacity in India to 6.9GW. Its gross renewable portfolio, including pending acquisitions, will reach 19.3GW globally.
Sembcorp will fund the acquisition through a mix of internal cash and external borrowings. The deal is likely to be closed in the first half of 2026, subject to regulatory approvals and other closing conditions.
Set up in 2008, Sembcorp Green Infra is present across 18 states in India.
The sale of the Rajasthan facility came even as ReNew said in a separate SEC filing late last month that a consortium of investors that wants to take it private will make a second revised delisting offer by October 10. The consortium made the first revised offer in July this year, seeking to buy shares at $7.07 apiece. It later increased the price to $8.00 apiece. ReNew shares are currently trading around $8.10.
In November last year, VCCircle first reported that ReNew was likely to be delisted in the US and that it planned to list in India. Then, just weeks later, in December 2024, the Canada Pension Plan Investment Board (CPPIB), along with Abu Dhabi Investment Authority (ADIA), Abu Dhabi Future Energy Company PJSC (which operates as Masdar) and ReNew founder Sumant Sinha, proposed to take the company private.
ReNew became the first Indian green energy company to list on the Nasdaq after completing a merger with the US-based blank cheque company RMG Acquisition Corp II at an enterprise value of $8 billion.
It remains one of the biggest green energy companies in India and competes with the likes of Adani Green Energy, Tata Power's green energy arm and GIC-backed Greenko, which also counts ADIA as an investor.
Published by HT Digital Content Services with permission from VC Circle.