Fourth partner buys on-site solar assets of ReNew Power

Hyderabad-based Fourth Partner Energy has acquired the onsite distributed solar generation portfolio of ReNew Power for ₹650 crore, people familiar with the deal said.

The assets, totalling 140 MW, are spread over 100 pan-India projects, set up at facilities where the renewable energy produced is consumed there itself. Most of these projects are operational.

A formal announcement is likely to be made next week. The deal marks ReNew's exit from the segment as it enters other areas like energy storage, green hydrogen and large-scale corporate deployments, the people said.

Responding to ET's email, ReNew Power said: "We don't have any comment to offer on this."

The people who spoke to ET called this as the spinning off of non-core assets by ReNew Power to focus more on corporate power purchase arrangements and larger deployments for energy transition.

As of December 2021, ReNew had a total capacity of about 10.3 GW of renewable energy projects, including commissioned and committed projects.