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Nasdaq-Listed ReNew Energy In Talks To Promote 1.1 Gigawatts Of Renewable Initiatives

One in every of India’s largest non-public renewable energy mission builders — ReNew Energy — could also be seeking to promote over 1 gigawatt of photo voltaic and wind energy tasks.

Based on media reports, ReNew Energy is in talks with Torrent Energy, an built-in energy firm with a footprint throughout India, to promote 350 megawatts of photo voltaic and 750 megawatts of wind power property. The enterprise worth of those property is estimated at round $1.2 billion. Nevertheless, in keeping with sources, negotiations on valuation are underway, with Torrent Energy having submitted a non-binding proposal for these tasks.

Torrent Energy operates throughout the facility sector worth chain. It owns a lot of thermal energy tasks, companies almost four million shoppers as a distribution utility throughout a lot of cities, and likewise operates transmission infrastructure. The corporate additionally owns over a gigawatt of renewable energy capability and is growing an extra 715 megawatts of capability.

Based on a slew of media experiences, ReNew Energy has been seeking to promote property to boost capital to repay excellent debt and enter new ventures. The corporate has tied up with Larsen & Toubro and Indian Oil to develop a green hydrogen ecosystem. It has additionally introduced partnership with Elsewedy Electrical to arrange an $8 billion inexperienced hydrogen mission in Egypt. The corporate is working with AES and Fluence to develop energy storage options. ReNew has additionally introduced plans to arrange solar cell and module manufacturing facilities.


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