ReNew to acquire 99 MW L&T hydropower plant worth Rs 985 cr

Larsen & Toubro (L&T) has declared plans to sell its 99 MW renewable power plant in Rudraprayag, Uttrakhand, to ReNew Power, marking the entry of the Sumit Singh-led company into hydropower.

Larsen & Toubro (L&T) has declared plans to sell its 99 MW renewable power plant in Rudraprayag, Uttrakhand, to ReNew Power, marking the entry of the Sumit Singh-led company into hydropower.
Both the companies set forth the signing of the binding agreement for the acquisition of the power plant.
Apart from the L&T project, ReNew Power has also won bids for peak power projects and round-the-clock (RTC) power projects, for which ReNew Power has signed a Power Purchase Agreement (PPA).
The transaction is subjected to completion of customary closing conditions, and the expected closing date is before 30 September 2021. The sale is considered to be Rs 985 crore. D K Sen, Director of L&T, told the media that the project is a significant step to unlock the valuable power development assets to streamline and allocate capital to create a long-term value for shareholders.

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