“ReNew believes these are excellent assets of a quality that few players in the country have,” said one of the sources. “Since most of them are operational, they also mitigate the risks associated with Greenfield projects.”Neither ReNew Power nor Ostro Energy was willing to confirm the development.Ostro Energy, set up in June 2014, has commissioned wind assets of 648 MW and another 350 MW are in the pipeline. However, Actis has been looking for a profitable exit from Ostro for nearly a year now and had appointed Bank of America Merrill Lynch to find a suitable buyer. Talks with Re-New Power have been on since last October-November.ReNew Power, which has been planning an IPO for some months now, boasts a string of marquee investors including Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Global Environment Fund (GEF), Canada Pension Plan Investment Board (CPPIB) and Japan’s JICA. In November, it bought the KC Thapar Group’s entire wind portfolio of 103 MW for around ₹1,000 crore.

Source: Economic Times April 02, 2018 02:26 UTC