Amplus Energy Solutions Pvt Ltd is in talks to acquire Goldman Sachs-backed ReNew Power’s rooftop solar portfolio of 140 megawatts (MW), said two people familiar with the matter on condition of anonymity.
Amplus is wholly owned by a Malaysian Firm, PETRONAS INTERNATIONAL POWER CORPORATION. It can emerge as one of the largest players in the rooftop solar segment in India.
“We keep on exploring consolidation opportunities in the C&I space,” said Sanjeev Aggarwal, founder and managing director of Amplus. He declined to comment on the deal with ReNew Power.
Other than the domestic solar market, investors are looking to work in the C&I segment. To avoid the intervention of regulatory bodies & limitations, the C&I segment is insulated from the risks such as power procurement curtailment and tariff-shopping by state-owned distribution companies (DISCOMs).
The talks with Amplus come in the backdrop of ReNew Power announcing a merger with Nasdaq-listed special purpose acquisition firm RMG Acquisition Corp. II on Wednesday, at an enterprise value of about $8 billion. The new entity, ReNew Energy Global Plc, will be listed on Nasdaq under the ticker symbol ‘RNW’, at an equity value of $4.4 billion. ReNew Power may also explore an India listing.