Amplus Eyeing Renew’s Solar Rooftop Portfolio

Amplus Energy Solutions Pvt. Ltd is in talks to acquire Goldman Sachs-backed ReNew Power’s rooftop solar portfolio of 140 megawatts (MW). The proposed deal by Amplus, owned by Malaysia’s state-run oil and gas firm, Petroliam Nasional Bhd, could rank among the largest

BY Realty Plus
Published - Monday, 01 Mar, 2021

Amplus Eyeing Renew’s Solar Rooftop Portfolio

Amplus Energy Solutions Pvt. Ltd is in talks to acquire Goldman Sachs-backed ReNew Power’s rooftop solar portfolio of 140 megawatts (MW). The proposed deal by Amplus, owned by Malaysia’s state-run oil and gas firm, Petroliam Nasional Bhd, could rank among the largest so far in India’s solar rooftop space, underscoring growing consolidation in the commercial and industrial (C&I) segment. Considering the regulatory risks over green energy contracts and their enforcement in Gujarat, Andhra Pradesh and Punjab, investors are increasingly looking at C&I space as it is generally insulated from risks such as power procurement curtailment and tariff-shopping by state-owned distribution companies (discoms). Firms such as Amplus, Royal Dutch Shell-backed Cleantech Solar Energy, Netherlands Development Finance Co.-backed Avaada Energy Pvt. Ltd and Warburg Pincus-backed CleanMax Solar supply power to third-party as well as captive consumers in India who prefer such suppliers instead of depending on a more expensive electricity grid. The talks with Amplus come in the backdrop of ReNew Power announcing a merger with Nasdaq-listed special purpose acquisition firm RMG Acquisition Corp. II on Wednesday, at an enterprise value of about $8 billion. The new entity, ReNew Energy Global Plc, will be listed on Nasdaq under the ticker symbol ‘RNW’, at an equity value of $4.4 billion. ReNew Power may also explore an India listing.