New Delhi, March 25 -- Indian green energy company ReNew Energy Global Plc has agreed to sell its 100 MW/117.5 MWp solar project in Tamil Nadu to France's Technique Solaire Group, an independent renewable-power producer led by its holding company JLT Invest, for an enterprise value of about $49 million (around Rs 461 crore).

The deal forms part of ReNew's ongoing capital recycling and portfolio optimisation strategy to free up resources for growth, particularly in its fast-expanding commercial and industrial (C&I) renewable energy platform.

The Nasdaq-listed company said in a filing with the US Securities and Exchange Commission (SEC) that a definitive agreement was signed on March 23 between JLT Energy 9 - the India-focused investment and acquisition arm and wholly owned subsidiary of JLT Invest, France - and its subsidiary ReNew Solar Power Private Limited for the sale of ReNew Solar Energy (Rajasthan) Private Limited, which owns the project.

The transaction is expected to close after satisfaction of customary conditions and is projected to generate approximately $24 million in cash inflow for ReNew, subject to closing adjustments, the company said in the SEC filing.

The solar project, ReNew's only commissioned asset in Tamil Nadu, was commissioned in September 2019 and operates under a 25-year power purchase agreement with state utility Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO) at a fixed tariff of 3.47 Indian rupees per unit. It recorded a net plant load factor of 18.55% in fiscal 2024-25.

Developing the C&I platform

Just over a week earlier LeapFrog Investments led a $95 million equity funding round into ReNew Green Energy Solutions Pvt Ltd, the company's C&I platform, with LeapFrog committing $50 million and co-investors including the Emerging Market Climate Action Fund (EMCAF) and Carlyle AlpInvest providing the rest.

ReNew Green's C&I portfolio has 2.5 GW of committed capacity across multiple states, with over 2.0 GW already commissioned, including approximately 1.3 GW backed by long-term agreements from global technology companies such as Microsoft, Amazon and Google.

ReNew, majority owned by Canada Pension Plan Investment Board (CPPIB) and Abu Dhabi Investment Authority (ADIA), operates one of India's largest clean energy portfolios with approximately 19.2 GW of capacity, including 1.5 GW of battery energy storage systems, as of February 2026. Its C&I platform is one of the largest in the country.

Founded by Sumant Sinha, the company became the first Indian green energy company to list on Nasdaq when it debuted in 2021 via a SPAC merger with RMG Acquisition Corp II at an $8 billion enterprise value. It has previously sold other Indian solar assets to Technique Solaire as part of capital recycling.

ReNew competes with Adani Green Energy, Tata Power's green energy arm and GIC-backed Greenko.

Efforts to raise funding

Renew has been looking to raise fresh capital in recent months. In February, VCCircle reported that the company was looking to raise up to $50 million in debt financing from the German development bank DEG for the hybrid project that its subsidiary ReNew Vyoman Pvt Ltd is setting up in Andhra Pradesh.

ReNew Vyoman will design, construct and operate a wind-solar hybrid peak power supply and round-the-clock (RTC) renewable energy plant with a contracted 300 MW capacity in Andhra Pradesh. The project's offtake is tied to a 25-year power purchase agreement that ReNew has inked with the government-owned Solar Energy Corp of India.

Fundraising for ReNew Vyoman came after ReNew had secured $331 million in financing from the Asian Development Bank in November. The ADB provided a rupee loan equivalent to $291 million and another $40 million from the Leading Asia's Private Infrastructure Fund, an ADB-managed vehicle supported by Japan International Cooperation Agency (JICA). The same month, ReNew raised $100 million in debt capital from the Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) for the project.

Plans to delist from Nasdaq, list in India

More than a year ago, in December 2024, CPPIB, ADIA and the Abu Dhabi Future Energy Co PJSC (Masdar) moved to delist the company from the Nasdaq and take it private. This announcement came barely days after VCCircle first reported that the company could be taken private in the US and be listed in India, where its operations are based.

Then, in October last year, VCCircle reported that the company could rework its IPO plans and that, to begin with, the company might only list its solar manufacturing unit and not its entire business in the country.

Following this, in December last year, ReNew's delisting plan collapsed after Masdar pulled out of the consortium that had proposed to take it private.

Published by HT Digital Content Services with permission from VC Circle.