Thailand’s state-owned PTT Group, also the country’s biggest conglomerate, has restarted discussions to buy a 49% stake in solar assets of ReNew Power totalling 3GW, said people aware of the matter.
ReNew Power is the Indian arm of Nasdaq-listed ReNew Energy Global Plc., which was founded by Sumant Sinha in 2011. ReNew’s solar and wind portfolio totals 13.4 GW, of which 7.7 GW has been commissioned. Its solar asset base is 4.10 GW of commissioned and committed capacity.
In 2020, PTT was in talks with Goldman Sachs, then the single largest shareholder of ReNew Power, to buy at least half its stake in the company at a valuation of about $2.2 billion by investing a minimum $500 million. Those talks fizzled out after months of negotiations. In early 2021, ReNew Power announced a merger with Nasdaq-listed special purpose acquisition company (SPAC) RMG Acquisition Corp. II at an…
