Japan’s Mitsui & Co. and Osaka Gas have placed non-binding bids to buy a 30% stake in ReNew Energy Global Plc’s 2.3 gigawatts (GW) commercial and industrial project portfolio, two people aware of the development said.
The equity value of the transaction is pegged at about $300 million, and is part of ReNew Energy Global’s capital recycling strategy. The sale process is being managed by Moelis & Co. The company, one of India’s largest clean energy firms, plans a capital expenditure of ₹35,000 crore and recently raised $400 million by selling senior-secured green bonds.
Last year, Mitsui acquired a 49% stake in ReNew Energy’s 1.3GW renewable energy project and 100MWh battery storage farm. The Japanese company has operations in 63 countries, spanning energy, infrastructure, and chemical businesses. Osaka Gas is one of Japan’s largest natural gas importers and operates businesses in electricity generation and distribution.
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