May 2 (Renewables Now) - Indian renewables company ReNew Power Ventures Pvt Ltd is acquiring domestic wind power producer Indian Energy Limited (IEL) in a deal that will expand its operational wind power capacity to 1,800 MW.
The value of the transaction is estimated at INR 364 million (USD 5.4m/EUR 4.5m), consultancy Mercom Capital reported on Tuesday. The target entity, active since 2007, is currently a unit of Infrastructure India plc (IIP Group) and owns and operates two wind projects in Karnataka and Tamil Nadu with a combined capacity of 41.3 MW.
The acquisition of the independent power producer is expected to be completed in 60-90 days. Funds from it will be used to repay some of IEL’s debt, according to the report.
ReNew Power in April acquired domestic sector player Ostro Energy Pvt Ltd in what it said was its largest deal in India. It then announced the transaction will enable it to boost its green energy portfolio to over 5,600 MW.
(INR 10 = USD 0.150/EUR 0.125)