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ReNew Power Acquires Ostro Energy

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India’s ReNew Power Ventures has finalized the acquisition of Ostro Energy Private Limited for a reported $1.66 billion. This investment makes ReNew Power the largest renewable energy company in India.
ReNew Power Acquires Ostro Energy

ReNew currently has energy assets of more than 4500 MW, which include a commissioned capacity of approximately 2800 MW. Adding Ostro’s 1100 MW, out of which nearly 850 MW is already commissioned, will push ReNew Power’s capacity above 5600 MW. Over 65% of the combined portfolio capacity (ReNew Power and Ostro Energy) is already operational.

ReNew Power has grown into one of the leading energy companies in India in a span of seven years. This is the largest acquisition for the company to date.

Ostro Energy’s assets are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat. The Ostro portfolio is also diversified by off takers and also by OEMs, complementing the ReNew Power portfolio.

Concurrent with this transaction, Canada Pension Plan Investment Board  is investing an additional $247 million to support ReNew Power’s financing for this acquisition. As a result, the CPPIB’s combined investment in ReNew Power now stands at  $391 million, following an earlier investment of $ 144 million in January 2018.

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