ReNew to acquire two projects worth Rs 2,850 crore: To buy solar assets in Telangana & hydropower project in Uttarakhand

ReNew Power said on Wednesday that it has signed two separate binding agreements for the acquisition of a 99 mega-watt (MW) hydropower project in Uttarakhand and a 260 MW solar project in Telangana. The combined enterprise value of the acquisitions is around Rs 2,850 crore.

The 99 MW Singoli Bhatwari hydroelectric project will be acquired from Larsen and Toubro (L&T) for Rs 985 crore, and the deal will mark ReNew Power’s foray into the hydropower sector. Inclusion of hydro in the solar wind power producer’s portfolio is seen to give the firm access to low-cost source of electricity storage, which can act as a backup to balance the intermittency expected from traditional renewable electricity generation.