Eyeing growth as a provider of multi-brand renewable energy assets, Suzlon Group is set to buy a 76% stake in Renom Energy Services with around ₹6.6 Billion.
On Tuesday, Suzlon Group, an Indian manufacturer of renewable energy components, announced it has signed agreements to acquire a 76% stake in Renom Energy Services Private Limited from the Sanjay Ghodawat Group (SGG) in two phases.
The first acquisition phase includes acquiring a 51% stake for ₹4 billion. In the second phase, Suzlon will buy an additional 25% stake within 18 months for ₹2.6 billion. Suzlon stated that the transaction would be finalised upon meeting specific terms and conditions, which are yet to be disclosed.
Renom is a multi-brand operations and maintenance service (MBOMS) provider in India, managing 1,782 MW of wind, 148 MW of solar, and 572 MW of Balance of Plant (BOP).
Suzlon’s acquisition aims to enhance Renom’s capabilities, positioning it as a significant independent service provider (ISP) for multi-brand renewable energy assets. This deal will allow Renom to tap into the opportunity of over 32 GW of non-Suzlon wind energy assets in India.
Commenting on the deal, Girish Tanti, Vice Chairman of Suzlon Group, mentioned that diverse technologies and wind turbines curve the future of the renewable energy ecosystem in India.
He noted that Renom has a major potential in this sector. This acquisition will strengthen Suzlon’s growth strategy within the nation’s renewable energy assets, regardless of their origin.
The company further stated that this merger aligns with India’s sustainability goals of achieving 500 GW of installed renewable power by 2030.
