L&T to sell 99 MW hydropower project in Uttarakhand to ReNew for Rs 985 cr

In a major move in the renewable energy space, Larsen & Toubro announced its 99 MW power plant in Rudraprayag in Uttarakhand to ReNew Power, marking the entry of Sumant Sinha-led company into hydropower space. The two companies announced signing of binding agreements for the acquisition.

Simultaneously, ReNew also announced signing of agreements for 260 MW/330MWp solar projects in Telangana. The combined enterprise value of the acquisitions is around Rs 2,850 crore ($384 million). The company that is also on its way to be merged with an American blank cheque company or special purpose acquisition company (SPAC) said these deals would bring Rs 380 – 400 crore ($50.7 – 53.4 million) of EBITDA on a full-year basis.