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ReNew to Divest 100 MW Tamil Nadu Solar Asset to Technique Solaire in $49 Million Deal

ReNew Energy Global plc has announced plans to sell its 100 MW (117.5 MWp) solar project in Tamil Nadu to Technique Solaire Group in a transaction valued at around USD 49 million. The move is part of the company’s broader strategy to streamline its portfolio and unlock capital for future growth.

The agreement has been signed between ReNew Solar Power Pvt. Ltd. and JLT Energy 9, the India-focused investment platform of JLT Invest, France. Subject to customary closing conditions, the deal is expected to generate approximately USD 24 million in cash proceeds for ReNew.

The solar project, commissioned in September 2019, has been operational for over six years and is backed by a long-term 25-year power purchase agreement with Tamil Nadu Generation and Distribution Corporation Ltd. at a fixed tariff. The plant has demonstrated stable performance, reporting a net plant load factor (PLF) of 18.55 percent in FY 2024–25.

As this is ReNew’s only operational asset in Tamil Nadu, the divestment reflects a strategic decision to optimise its asset base and focus on core markets. The transaction also highlights continued investor interest in operational renewable energy assets in India, particularly those with stable long-term revenue visibility.