ReNew Power, a renewable energy producer, has sold its wind farms in Karnataka to Ayana Renewable for a consideration of Rs 1,600 crore. Ayana Renewable is owned by the UK government’s development finance arm, CDC Group.
Both the companies have signed definitive agreements for the transfer of ReNew Power’s portfolio of wind farms located in Raichur, Bijapur, Belgaum and Bellary districts of Karnataka. The wind farms can generate 300 MW energy.
The deal with Ayana Renewable will help ReNew Power reduce debt and generate cash.
The Goldman Sachs-backed company is exploring the sale of parts of its portfolio as a strategy to monetise assets that are mature and have generated returns for shareholders.
The company is expected to utilise the gains realised from such profitable divestments for re-investment in new energy projects.
ReNew Power had acquired a cluster of wind farms in Karnataka two years ago, as part of its Rs 10,000 crore acquisition of Ostro Energy, owned by a private equity company Actis.