Bid & Tender


Torrent Power in talks to Buy Clean Power Projects of Capacity 1.1 GW

Torrent Power Ltd is in talks to buy clean power projects totaling 1.1 gigawatts (GW) from ReNew Energy Global Plc at an enterprise value of around $1.2 billion, two people aware of the development said.


Ahmedabad-based Torrent Power has submitted a non-binding offer (NBO) for ReNew’s solar and wind power assets of 350 megawatts (MW) and 750 MW, respectively, at an equity value of around $450 million, the people cited above said on the condition of anonymity, adding discussions on valuation are continuing.


Torrent Power, one of India’s largest integrated power utilities with a presence across generation, transmission and distribution, has been active in India’s green energy deals space and was earlier in fray for US private equity firm Global Infrastructure Partners’ (GIP) Indian clean energy platform Vector Green Energy, that was finally bought by Singapore’s Sembcorp Industries Ltd.


While a ReNew Energy Global Plc spokesperson declined to comment, queries mailed to Torrent Power spokesperson on Thursday night remained unanswered till press time. “No sell-side bank has been appointed for this transaction by ReNew. The talks over valuation are underway between Torrent and ReNew," one of the two people cited above said.


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