India: ReNew Power mulls purchase of Waaree Energies solar portfolio – reports

Media reports in India suggest that ReNew Power Ventures – a Goldman Sachs-backed clean energy developer with a portfolio of 3.5 GW of operational wind and solar projects – is mulling the purchase of Waaree Energies’ solar power projects as it looks to boost its portfolio ahead of a planned initial public offering (IPO).

Mint reports that ReNew Power wants to consolidate its leadership position as India’s largest clean energy firm, and has targeted an operational portfolio of 11 GW – comprising wind and solar – within the next five years.

Waaree Energies is a leading solar module manufacturer in India and has one of the largest fabs in the country – a 500 MW plant in Surat, Gujarat. Neither parties were willing to discuss any details of the deal, but Mint understands from two people close to the matter that ReNew Power is intent on furthering its consolidation of the Indian solar market.

The company’s other backers include Japan’s JERA Co. Inc – which owns a 10% stake – the Global Environment Fund, the Asian Development Bank and the Abu Dhabi Investment Authority. Current estimates put ReNew Power’s market value at $2 billion.

Last week, Waaree Energies raised approximately $15 million (INR 1 billion) through a structured financing deal with a group of investors led by Centrum Financial Services.