On August 6, Suzlon Group, India’s largest renewable energy solutions provider, announced that it had signed definitive agreements to acquire a 76 percent stake in Renom Energy Services Private Limited from the Sanjay Ghodawat Group (SGG). The acquisition will occur in two phases.
In the first phase, Suzlon will acquire a 51 percent stake in Renom for a consideration of Rs 400 crore. The second phase will involve acquiring an additional 25 percent stake within 18 months for Rs 260 crore.
Renom is the country’s largest Multi-Brand Operations and Maintenance Service (MBOMS) provider, managing assets of 1,782 MW in Wind, 148 MW in Solar, and 572 MW in Balance of Plant (BOP) across various customer segments.
“This strategic acquisition will unlock Renom’s core potential, positioning it to become a leading Independent Service Provider (ISP) and custodian of multi-brand renewable energy assets,” Suzlon said in a press release. “This deal also allows Renom to target over 32 GW of non-Suzlon wind energy assets currently in the country.”
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Girish Tanti, Vice Chairman of Suzlon Group, commented on the acquisition: “With India’s goal of achieving 500 GW of renewable energy installations by 2030, we will see a variety of technologies and wind turbines from different manufacturers in the market. Renom has emerged as the largest player in this field, with significant potential to expand further. This acquisition aligns with Suzlon Group’s vision of fostering growth while safeguarding India’s renewable energy assets, regardless of their original make.”
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