ReNew Power markets roof solar portfolio for US$ 90m to focus on utility-scale PV

• Indian independent power producer (IPP) ReNew Power has actually marketed its 117MW roof solar portfolio as part of a strategy to enhance its focus on utility-scale PV.

The portfolio has been gotten by India-based distributed solar programmer Fourth Partner Energy for INR 6.72 billion (~ US$ 89.9 million).

ReNew stated the sale reaffirms its commitment to being extra efficient by concentrating a lot more on large-scale solar projects, enabling it to take advantage of its range and possession management abilities.

"This sale shows the worth that can be launched through sale of possessions as well as improves our capability to capitalise on greater return possibilities in the close to term," said ReNew Power chief executive officer Sumant Sinha.

ReNew Power, which started trading on the NASDAQ last year after completing a company mix with a special purpose acquisition company (SPAC), earlier this month increased US$ 400 million by issuing green bonds to support brand-new renewables financial investments as well as to re-finance financial debt.

The IPP has actually given that revealed plans to establish an India-focused joint venture (JV) with energy storage technology provider Fluence, as reported by sibling website Energy-Storage. news.

Fourth Partner Energy's expansion in India's dispersed solar segment follows its creation of a JV last year with coal producer Indika Energy that will certainly develop commercial and commercial solar projects in Indonesia.

Research released in October by consultancy JMK Research & Analytics projected that India got on track to deploy 3GW of roof solar in 2021.