ReNew to sell 300 MW solar projects to Singapore’s Sembcorp in $200 million deal

“The deal will be announced shortly,” said one of the two people cited above, requesting anonymity. The person said an agreement would be signed on Wednesday. The projects are in Rajasthan and supply electricity to Maharashtra.

Renew was in talks with Sembcorp to sell 350 MW of solar power projects. Mint He reported on February 29 last year. A previously proposed deal for 1.1 Gigawatts (GW), which included Renew’s solar (350 MW) and wind assets (750 MW), failed to be agreed due to a valuation gap on the wind assets. Ahmedabad-based Torrent Power had earlier submitted a non-binding bid for Renew’s solar and wind power assets totaling 1.1 GW. The current agreement only covers solar farms.

Emailed queries to spokespeople for Renew Energy and Sembcorp on Wednesday afternoon were not immediately answered.

The asset sale comes as a consortium comprising Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA) Platinum Hawk and energy founder-chairman Sumant Sinha renewed his plan to take the company private. CPPIB, ADIA and Sinha together own 64% of the renewal energy.

Renew Energy is selling assets as part of its capital recycling strategy. In June, it announced it had signed definitive agreements to sell its solar and transmission assets to the Indigrid Infrastructure Trust. Transactions include Renew Solar Aayan Pvt Ltd and Koppal Narendra Transmission Ltd, which operates a 300 MW solar project in Rajasthan.

In December last year, Renew Energy announced the sale of a 300 MW operating solar power plant to Edelweiss Group’s Anzen India Energy Yield and an enterprise value of $176 million.

The company is exploring the sale of a 30% stake in 2.3 GW of commercial and industrial projects. It also announced an equal joint venture with Gentari SDN BHD to develop utility-scale 5 GW capacity, including solar, wind and energy storage projects.

Renew has a clean energy portfolio of 18.2 GW, in addition to 6.4 GW of solar module and 2.5 GW of solar cell production capacity. Singapore-listed Sembcorp has 18.9 GW of renewable energy capacity across 11 countries. From this, the green energy portfolio in India is 6.8 GW.

Green Deal Blitz

With a solar energy sector potential of 748 GW, India has an installed renewable energy capacity of 245 GW – Wind Power accounting for 116 GW and 52 GW respectively. The nation plans to add 50 GW of green energy capacity annually to reach 500 GW of renewable capacity by 2030.

India’s green energy opportunity is attracting global investors, spurring a wave of mergers and acquisitions. The country accounted for 5.6% of global solar power generation of 306 Terawatt hours (TWH) in the first half of 2025, growing by 31%, according to a report by Think Tank Ember on Tuesday.

Blackstone, the world’s largest alternative asset manager, and EQT, the European alternative asset manager, are looking to support Zelestra’s India operations in a deal with equity and enterprise value of $184 million and $421 million respectively.

Sembcorp, Torrent, InoxGFL Group’s Inox Green Energy Services Ltd and General Atlantic’s Actis LLP are among half a dozen shortlisted bidders to identify Macquarie Asset Management’s Green Investment Group Platform Vibrant Energy for an enterprise value of around $600 million.

Japan’s financial services firm Orix Corp. sold a 17.5% stake in Greenko Energy Holdings, owned by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli, to AM Green BV; ONGC NTPC Green Private Ltd (ONGPL) National Investment and Infrastructure Fund-backed Ayana Renewable Power Pvt Ltd; And the joint venture between Acen and regenerator UPC, owned by the Philippines’ Ayala Corporation, plans to sell a significant stake in upcoming 1 GW projects in India.