ReNew to sell 100 MW Tamil Nadu solar asset for $49 million

ReNew Energy Global Plc has agreed to divest its sole commissioned project in Tamil Nadu, a 100 MW/117.5 MWp solar facility, to the Technique Solaire Group at an enterprise value of $49 million, as per a filing with the US Securities and Exchange Commission.

The company signed a definitive agreement on March 23, 2026, with JLT Energy 9, the India-focused acquisition arm and a wholly owned subsidiary of JLT Invest. The transaction involves the sale of ReNew Solar Energy (Rajasthan) Private Limited (RSERPL) and remains subject to customary closing conditions.

ReNew expects net cash proceeds of about $24 million after closing adjustments, based on an exchange rate of $1 to Rs 93.93. 

The Tamil Nadu project was commissioned in September 2019 and operates under a 25-year power purchase agreement with Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) at a fixed tariff of Rs 3.47 per unit. The plant reported a net plant load factor of 18.55% in FY 2024-25.

The divestment aligns with ReNew’s capital recycling strategy, under which it has been monetising operational solar assets to redeploy capital into higher-return areas such as hybrid renewable projects and energy storage.

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