Indian renewable energy project developer ReNew Power has acquired a 100 percent stake in Indian Energy Limited (IEL) at a price of ₹364 million (~$5.545 million).

In April 2018, ReNew had also announced the acquisition of Ostro Energy Private Limited, and the transaction was believed to be one of the largest renewable acquisition deals in India.

IEL is the wholly owned subsidiary of Infrastructure India plc (IIP Group) and is an independent power producer. IEL owns and operates wind projects, aggregating 41.3 MW of installed capacity at two sites in the states of Karnataka and Tamil Nadu. After the completion of the deal, ReNew Power will take ownership of the two project sites.

The acquisition will boost ReNew Power’s operational wind power generation capacity to 1,800 MW.

The transaction is expected to complete in approximately 60-90 days with net proceeds from the deal to be used to pay down a portion of the company’s debt. Greenstone Energy Advisors acted as the exclusive financial advisor to IIP Group for this transaction.

ReNew Power currently has green energy assets of more than 4.5 GW, which include commissioned capacity of approximately 2.8 GW. According to Mercom’s India Solar Project Tracker, ReNew Power was ranked the fifth largest solar project developer with installed capacity of 1,149 MW at the end of 2017.  ReNew is also the largest wind power developer in the country.

In December 2017, Mercom had reported that ReNew Power acquired a 100 percent stake in KCT Renewable Energy Private Limited (KCTREPL) from Karm Chand Thapar (KCT) Group for over ₹10 billion (~$155 million). Under the deal, ReNew Power took ownership of KCTREPL’s three fully-operational wind power projects, generating a combined 103 MW in Andhra Pradesh.

ReNew Power has an expansive investor base which includes well known global players like Goldman Sachs, the Asian Development Bank, JERA, Abu Dhabi Investment Authority, the Global Environment Fund, among others.