ReNew Power is reportedly all set to buy five renewable energy companies. The companies are in solar and wind segment and have a combined capacity of about 680 MW reports ET. The report citing sources states ReNew power will acquire the companies for about Rs 6,000 crore and the deal, expected to conclude in the next three-four months, will be funded from internal accrual and fresh fund that the company intends to raise in the proposed IPO.
The publication notes that the company that has Rs 2,500 crore cash in the balance sheet is raising another Rs 2,700 crore from the IPO.
A person familiar with the development told the publication that ReNew Power is in advance negotiations with the promoters of these five companies that include Indian Energy (Mauritius), SREI Equipment Finance, and ES Energy among others.
ReNew Power has a combined capacity of 5.6 GW and after the acquisitions of five companies, the operational capacity of the company will increase to 4.3 GW.