L&T sells 99 mw-hydropower project to ReNew Power for Rs 958 cr
Larsen & Toubro has sold its 99 mw run-of-the river hydroelectric power plant in Uttarakhand to ReNew Power for Rs 985 crore, the two companies said in a statement on Wednesday.
The stake sale is in line with L&T’s strategy of exiting non-core assets. For ReNew Power, which has so far focused on solar and wind power, this is the first hydropower project.
“It strengthens our ability to provide firm and round the clock power to the grid and compliments our solar and wind assets, filling up an important position in our portfolio. We will be looking to acquire more hydro assets in future as they are the best clean balancing sources for intermittent renewable energy,” said Sumant Sinha, founder and chairman of ReNew Power.
