ReNew Power enters hydro sector, acquires Larsen & Toubro unit
Infrastructure major Larsen & Toubro (L&T) sold its 99-megawatt (Mw) hydro power project to ReNew Power, marking its entry in the hydro sector.
Separately, ReNew, which is set to list on the New York Stock Exchange, also acquired 260 Mw/330Mwp of operating solar project in Telangana. It pegged the combined enterprise value of the two acquisitions, including L&T’s project, at Rs 2,850 crore ($384 million).
As part of the deal with L&T, ReNew will take over L&T Uttaranchal Hydropower, which owns the Singoli-Bhatwari Hydroelectric Project (SBHEP), from L&T Power Development, a wholly-owned subsidiary of the company. ReNew will also absorb the project operations team of SBHEP.
