LE Desk

New Delhi, June 8, 2022: DSK Legal has advised ReNew Power Private Limited in relation to the signing of definitive agreements for acquisition of operating wind and solar asset portfolio of 527.9 MW, comprising 471.65 MW of wind and 56.25 MW of solar assets, the Law Firm has said. 

DSK Legal assisted ReNew on all legal aspects of the transaction, including conducting legal due diligence, transaction structuring, reviewing, negotiating and finalising the definitive agreements, it said in a press statement. Link Legal represented the seller on the transaction.

The core team at DSK representing ReNew comprised of Mr. Harvinder Singh (Partner), Ms. Shruti Dogra (Principal Associate), and Mr. Manhar Gulani (Senior Associate). Mr. Aparajit Bhattacharya (Partner) acted as the lead engagement and relationship partner for ReNew on this transaction. 

The legal due diligence team included Associate Partner Ms. Rimali Batra, Principal Associate Ms. Shruti Dogra, Senior Associates Ms. Anisha Bhattacharya and Mr. Manhar Gulani & Associates Ms. Arpita Nandi, Ms. Mala Mehto, Mr. Abhikalpa Ghosh and Ms. Nida Negi, the statement said.

The expected closing of the overall transaction is in Q2 of the Financial Year 2022-23, but ReNew will receive all cash flows generated from the assets from the lock box date, i.e., April 1, 2022. The acquired 527.9 MW of operating wind and solar projects are spread across 40+ projects situated in eight Indian states, i.e. Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu and Telangana.

ReNew is one of the largest renewable energy independent power producers (IPPs) in India and globally. ReNew has a portfolio of 12.8 GW of renewable energy projects across India.

The deal enterprise value is USD 388 million, according to the Law Firm.

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