ReNew Power acquired Ostro Energy in one of India’s biggest renewable energy deals

Vastavam web: ReNew Power, backed by Goldman Sachs and Canada Pension Plan Investment Board (CPPIB), said on Monday it has acquired Ostro Energy Private Ltd, backed by London-based Actis LLP, in one of India’s biggest renewable energy deals.ReNew did not disclose financial details, but two sources familiar with the matter said Ostro was acquired for an enterprise value of about 100 billion rupees ($1.54 billion), which includes debt and equity.CPPIB said on Monday it has invested an additional $247 million in ReNew Power to support the Sumant Sinha-led company’s acquistion of Ostro, adding to its initial investment of $144 million earlier this year.

ReNew – which counts Abu Dhabi Investment Authority, Global Environment Fund and JERA Co Inc, a consortium of two of the biggest Japanese utilities – as other investors, is valued at $2 billion, with Goldman holding an over 50 percent stake in the company, according to another source familiar with the matter.