ReNew sells 300 MW solar asset to Anzen for $176 million

ReNew Energy Global has entered into an agreement to sell its entire stake in ReNew Sun Waves Pvt Ltd (RSWPL) to Anzen India Energy Yield Plus Trust for $176 million. RSWPL operates a 300 MW solar asset in Jaisalmer, Rajasthan.

The deal will close after fulfilling contractual obligations, conditions precedent, and lender approvals. The enterprise value may adjust based on net current assets and other provisions in the agreement. 

ReNew also expects an earn-out of $17 million, subject to changes in customs duty, safeguard duty, and GST laws, which will be paid after the first payment by RSWPL.