Resource detail

ReNew Power became the largest renewable energy company in India after it acquired Ostro Energy on 2 April 2018. The deal size is estimated to be $1.55 billion (Rs 100 billion), the biggest deal in the renewable energy sector. The deal is funded in a 60:40 equity-debt ratio with the company open to debt refinancing later, according to persons close to the development. CPPIB (Canada Pension Plan Investment Board) had pumped in $247 million to assist ReNew in finalising the deal, the company said. Before this deal, Tata Power Renewables’s acquisition of Welspun Energy was the largest in the sector at Rs 90 billion. Actis PE fund-backed Ostro Energy has a capacity of over 1,100 MW, of which 850 MW is commissioned. Its solar and wind projects are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat.