ReNew Monday said it sold around 11% stake in its commercial and industrial (C&I) power generation power unit to three investors-Leapfrog Investments, Emerging Market Climate Action Fund, and Carlyle AlpInvest.
The new investors will collectively infuse $95 million (₹876 crore) in ReNew Green Energy Solutions, the entity housing the C&I business, according to a company release.
The deal valued the C&I unit, which caters to clients such as Amazon, Microsoft, Google, and Jindal Stainless at $850 million, said people familiar with the matter.
ReNew didn’t disclose the size of stake bought by each of the three incoming investors. LeapFrog had the largest share of the investment, it said. ReNew had earlier sold a stake in its manufacturing unit to British International Investment at a $1.4 billion valuation.
“The C&I industry will be central to India’s decarbonisation journey, and with investors like LeapFrog, we can deepen our ability to provide reliable, cost-competitive renewable power to leading businesses across sectors,” said Sumant Sinha, chairman and CEO at ReNew.
ReNew’s C&I unit has commissioned renewable energy projects with a power generation capacity of 2 gigawatt. It supplies power generated from green sources to sectors such as automotive, chemicals, cement, textiles and technology.
Electricity consumption from the C&I sector forms half of India’s total consumption, as per government data.
Source: Economic Times