CPPIB Says Invests Additional $247 Million In Renew Power Ventures

ReNew Power Ventures led by Sumant Sinha has finalised the takeover of Ostro Energy for an enterprise value of ₹10,800 crore

ReNew Power Ventures led by Sumant Sinha has finalised the takeover of Ostro Energy for an enterprise value of ₹10,800 crore

"Ostro has built very high quality assets and the average age of these assets is around 2-3 years, which means that the acquirer will be able to use these for a very long period of time", he said.

New Delhi, April 02, 2018: ReNew Power, one of India's leading clean energy companies, today announced the acquisition of Ostro Energy Private Limited. Mint reported in December that ReNew Power would ascribe an enterprise value of around Rs10,000 crore for Ostro Energy.

ReNew has an nearly equal number of wind and solar energy assets in terms of installed capacity, while Ostro's business is mainly wind power. Ostro Energy has a total capacity of more than 1.1GW - dominated by wind energy - out of which almost 850MW has been commissioned. It is building 110MW of solar PV. With the acquisition of these assets, ReNew Power's capacity will now exceed 5,600 MW.

Canada Pension Plan Investment Board (CPPIB) is investing an additional US$247 million to support ReNew Power's financing for this acquisition.

The latest investment takes CPPIB's total commitment in ReNew Power to $391 million. CPPIB's total investment in ReNew Power now stands at United States $391 million, following an earlier investment of USA $144 million in January 2018. The Ostro acquisition also involved debt of INR60 billion.

This strategic investment helps the company consolidate its position further in the fast-growing, clean energy sector in India, ReNew Power said in a statement.

"CPPIB will continue to seek opportunities to expand their power and renewables portfolio as demand grows worldwide along the transition to renewables", he said.

ReNew - which counts Abu Dhabi Investment Authority, Global Environment Fund and JERA Co Inc, a consortium of two of the biggest Japanese utilities - as other investors, is valued at $2 billion, with Goldman holding an over 50 percent stake in the company, according to another source familiar with the matter.

ReNew Power did not disclose the value of the transaction in its press release on Monday.

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