Indian renewable energy ReNew Power has acquired two operating portfolios with a combined enterprise value of INR 28.5 billion ($384 million). The assets consist of a hydropower company and 260-megawatt solar portfolio.
The acquisition of L&T Uttaranchal Hydropower Ltd., which owns the Singoli Bhatwari Hydroelectric Project (SBHEP), marks ReNew’s entry into the hydropower sector. SBHEP, which is situated on the Mandakini river in Rudraprayag district of Uttarakhand and reached commercial operations in December 2020, adds 200–300 megawatt hours of low-cost hydro storage to ReNew’s portfolio.
Separately, ReNew Power also signed a definitive agreement to acquire a portfolio of solar projects in Telangana, near its existing solar projects in the southern Indian state. The projects have a 25-year power-purchase agreement in place with Northern Power Distribution Company of Telangana and Southern Power Distribution Company of Telangana.
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