Hyderabad-based Fourth Partner Energy has acquired the onsite distributed solar generation portfolio of ReNew Power for Rs 650 crore, people familiar with the deal said.
The deal marks ReNew’s exit from the segment. As per the sources, ReNew Power, henceforth intends to concentrate in areas like energy storage, green hydrogen and large-scale corporate deployments.
ReNew Power has a total power generating capacities of 140 MW spread over 100 projects in India. Most of these projects are operational and the energy generated is consumed at the local.
As of December 2021, ReNew Power had a total capacity of about 10.3 GW of renewable energy projects, including commissioned and committed projects.
A formal announcement about the deal is prone to be made next week.