ReNew Power has sold its Karnataka wind farms aggregating 300 MW to Ayana Renewable for Rs 16 billion.
The two parties signed definitive agreements for the transfer of ReNew’s portfolio of windfarms located in four districts of Raichur, Bijapur, Belgaum and Bellary. The deal with Ayana will help ReNew Power reduce debt and generate cash. ReNew Power had acquired a cluster of windfarms in Karnataka as part of its Rs. 100 billion acquisition of Ostro Energy, a renewable energy platform owned by private equity group Actis, two years ago.