ReNew Energy Global on Monday announced the signing of a definitive agreement with Anzen India Energy Yield Plus Trust (Anzen) to sell ReNew Sun Waves Pvt Ltd (RSWPL), which houses a 300-megawatt (MW) operating solar power asset.

The total value of the transaction is around $193 million, or roughly ₹1,640 crore at an exchange rate of ₹85 per $1.

The transaction is expected to close after the completion of contractual obligations and conditions precedent, including receipt of lender approval, the Nasdaq-listed company said in a regulatory filing with the US Securities and Exchange Commission (SEC).

ReNew Pvt Ltd, a subsidiary of ReNew Energy Global, is the parent company of RSWPL.

“Under the agreement, ReNew Pvt Ltd, the parent of RSWPL, will sell 100 per cent of the shareholding and economic interest in RSWPL. The enterprise value determined under the agreement is around $176 million, subject to net current assets and other adjustments as provided in the definitive documents,” it added.

Additionally, around $17 million is expected to be received as an earn-out due to change in law proceeds related to the increase in basic customs duty (BCD), safeguard duty (SGD), and goods and services tax (GST), after the first payment is received by RSWPL.

The 300 MW SECI solar project is located in Jaisalmer, Rajasthan, and has been operational for around three years. The tariff for the 25-year power purchase agreement is ₹2.55 per unit.