April 3 (Renewables Now) - Indian renewables developer and operator ReNew Power Ventures Pvt Ltd has acquired domestic sector player Ostro Energy Pvt Ltd in a deal it says is its largest one in India, expanding its green energy portfolio to over 5,600 MW.
ReNew Power did not disclose the value of the transaction in its press release on Monday. According to media reports, the enterprise value of the deal exceeds INR 100 billion (USD 1.54bn/EUR 1.25bn).
The acquired business, backed by private equity firm Actis LLP, owns, operates, and develops renewable energy projects, with a focus on wind power. It has more than 1,100 MW of assets in its portfolio, almost 850 MW of which are operational, located in the states of Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat.
ReNew Power said the acquisition is seen to help it enhance its position on the Indian clean energy market and is in line with its plan to contribute to reaching India’s 175-GW renewables goal by 2022. At present, the company has over 4,500 MW of assets, including around 2,800 MW of commissioned capacity. With the acquisition of Ostro, its total clean energy capacity exceeds 5,600 MW, over 65% of which has already been commissioned.
In conjunction with Ostro’s acquisition, Canada Pension Plan Investment Board (CPPIB), which is among the backers of ReNew Power, has invested USD 247 million (EUR 200.7m) in the independent power producer (IPP) to support the transaction.
(INR 10 = USD 0.154/EUR 0.125)