There is growing investor interest in the mature C&I segment, which does not involve risks such as electricity distribution companies curtailing power procurement. Recently, Aditya Birla Group hired Standard Chartered to sell up to 49 per cent stake in the group’s renewable energy business to raise around $400 million. This also comes against the backdrop of ReNew planning Rs 350,000 million capital expenditure over the next 18 months.

ReNew has been looking at a number of opportunities as part of its capital recycling strategy. Earlier, Japan’s Mitsui & Co. Ltd. acquired a 49 per cent stake in ReNew’s round-the-clock 1.3GW renewable energy project and 100MWh battery storage farm. ReNew has tied up several partnerships as part of its growth strategy. This includes a partnership with Norway’s state-owned investment fund Norfund, and KLP, Norway’s largest pension company, to co-invest in transmission projects. ReNew Energy Global Plc’s subsidiary ReNew Power Private Ltd has also partnered with Elsewedy Electric SAE to set up a green hydrogen plant in the Suez Canal Economic Zone at an investment of $8 billion.

It has also joined hands with AES, and Siemens-backed Fluence to form an equal joint venture for energy storage business in India. In addition, ReNew has also partnered with state-run Indian Oil Corp. Ltd and Larsen & Toubro to form a tripartite venture for the green hydrogen sector in India.