ReNew Power, the largest independent power producer, is set to acquire five companies in the renewable power space — solar and wind — that have a combined capacity of about 680 MW for about Rs 6,000 crore, said two people familiar with the development.
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 company that has Rs 2,500 crore cash in the balance sheet is rais ..
Of the 560 MW, the company is acquiring about 480 MW in wind energy and balance would be in the solar space. “The company has already signed the initial documents. The due diligence has already started. The company is expecting to complete the transaction by September 2018 barring few exceptions,” said the person.