Larsen & Toubro on Wednesday said it will divest a 100 per cent stake in Singoli-Bhatwari Hydroelectric Project to a subsidiary of Sumant Sinha-led ReNew Power Pvt Ltd for Rs 985 crore.
ReNew Power is India’s largest renewable energy firm and counts Goldman Sachs, Abu Dhabi Investment Authority and Canada Pension Plan Investment Board (CPPIB) among its prominent investors. It is among a wave of clean-energy firms poised to benefit from India’s push into the renewables market.
The 99MW power project is owned by subsidiary firm L&T Uttaranchal Hydropower Ltd. The move is part of the company’s strategy of divesting non-core assets and improving shareholder value, L&T said.
In a separate transaction, ReNew Power announced the signing of a definitive agreement to acquire a 260MW of operating solar projects in Telangana. The two assets have a combined enterprise value of Rs 2,850 crore.
