Indian independent power producer (IPP) ReNew Power has sold its 117MW rooftop solar portfolio as part of a strategy to heighten its focus on utility-scale PV.
The portfolio has been acquired by India-based distributed solar developer Fourth Partner Energy for INR 6.72 billion (~US$89.9 million).
ReNew said the sale reaffirms its commitment to being more efficient by focusing more on large-scale solar projects, allowing it to leverage its scale and asset management capabilities.
“This sale illustrates the value that can be released through sale of assets and enhances our ability to capitalise on higher return opportunities in the near term,” said ReNew Power CEO Sumant Sinha.
ReNew Power, which began trading on the NASDAQ last year after completing a business combination with a special purpose acquisition company (SPAC), earlier this month raised US$400 million by issuing green bonds to support new renewables investments and to refinance debt.
The IPP has since revealed plans to set up an India-focused joint venture (JV) with energy storage technology provider Fluence, as reported by sister site Energy-Storage.news.
Fourth Partner Energy’s expansion in India’s distributed solar segment follows its creation of a JV last year with coal producer Indika Energy that will develop commercial and industrial solar projects in Indonesia.
Research published in October by consultancy JMK Research & Analytics projected that India was on track to deploy 3GW of rooftop solar in 2021.