New Delhi: Private producer ReNew Power on Monday announced its acquisition of Ostro Energy Private Ltd, which would take its clean energy portfolio capacity to over 5,600 MW through its biggest takeover till date.
The ReNew Power statement here, however, did not indicate the purchase price.
“ReNew Power currently has green energy assets of more than 4,500 MW, which include a commissioned capacity of approximately 2,800 MW. Ostro Energy has a total capacity of more than 1,100 MW, out of which nearly 850 MW is already commissioned.
“With the acquisition of these assets, ReNew Power’s capacity will now exceed 5,600 MW.” it said.
“Ostro has built an impressive business with diversified geographical spread; good quality infrastructure; and stable long term PPAs (power purchase agreements). Its assets are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat.”
ReNew Power also said the Canada Pension Plan Investment Board (CPPIB) is investing an additional $247 million to support this acquisition.
“As a result, the CPPIB’s combined investment in ReNew Power now stands at $391 million, following an earlier investment of $144 million in January 2018,” it added.