Ostro Energy changes hands, comes under ReNew Power

Renewable energy firm ReNew Power has acquired Ostro Energy Private Limited.

The firm did not disclose the price of acquisition.

The company, however, said Canada Pension Plan Investment Board (CPPIB) would be investing an additional $247 million to support ReNew Power’s financing of this acquisition.

As a result, the CPPIB’s combined investment in ReNew Power would go up to $391 million. CPPIB already invested $144 million in January 2018, ReNew Power said.

ReNew Power currently has green energy assets of more than 4,500 MW, which include a commissioned capacity of approximately 2,800 MW. Ostro Energy has a total capacity of more than 1,100 MW, out of which nearly 850 MW is already commissioned. With the acquisition of these assets, ReNew Power’s capacity will now exceed 5,600 MW. Over 65% of the combined portfolio capacity (ReNew Power and Ostro Energy) is already operational.

Ostro Energy’s assets are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat