ReNew Power enters hydro sector, acquires Larsen & Toubro unit

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

ReNew entered Indian bond market in 2015 with three issuances of Rs 400 cr, Rs 280 cr and Rs 451 cr

ReNew Power said the add­ition of SBHEP, which has a pondage capacity of 2-3 hours, adds 200–300 Mw of low-cost hydro storage to ReNew’s portfolio.

Shreya Jai New Delhi
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).

First Published: Aug 11 2021 | 9:46 PM IST

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