UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2022
Commission File Number: 001-40752
RENEW ENERGY GLOBAL PLC
(Translation of registrant’s name into English)
C/O Vistra (UK) Ltd 3rd Floor
11-12 St James’s Square London SW1Y 4LB
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Other Events
On January 27, 2022, ReNew Energy Global plc announced that it has sold 117 MW/138 MWp of its distributed rooftop solar portfolio to Fourth Partner Energy. The press release is attached as exhibit 99.1 hereto.
EXHIBIT INDEX
| Exhibit | Description of Exhibit | |
| 99.1 | ReNew Power Sells Rooftop Portfolio |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: January 27, 2022 | RENEW ENERGY GLOBAL PLC | |||
| By | /s/ D. Muthukumaran | |||
| Name: D. Muthukumaran | ||||
| Title: Chief Financial Officer | ||||
Exhibit 99.1
ReNew Power Sells Rooftop Portfolio
| - | Sale spotlights ReNew’s increased focus on higher-return, larger scale opportunities |
| - | Total enterprise value of INR 6.72 billion ($89.9 million) |
Gurugram, India, January 27, 2022: ReNew Power (“ReNew” or “the Company”) (NASDAQ: RNW, RNWWW), India’s leading renewable energy company, today announced that it has sold 117 MW/138 MWp of its distributed rooftop solar portfolio to Fourth Partner Energy, one of India’s leading rooftop solar energy companies, for INR 6.72 billion (~$89.9 million).
Fourth Partner is an investee company of TPG and Norfund.
After accounting for an outstanding debt of INR 1.37 billion (~$18.3 million), the cash proceeds from the sale are INR 5.35 billion (~$71.6 million). ReNew expects to record a gain from the deal.
The sale reaffirms ReNew’s commitment to creating greater shareholder value through capital reallocation into higher-return opportunities and being more efficient by focusing more on large utility-scale projects. This allows the company to fully leverage its competitive advantages of scale, strong asset management, digital analytics, and financing innovation.
With the sale, the run-rate-adjusted EBITDA for ReNew’s total portfolio will be reduced by INR 700 - 720 million (~$9.35 – 9.55 million).
Mr. Sumant Sinha, Chairman and CEO, ReNew Power, said, “Strong capital discipline is a core value for ReNew. This sale illustrates the value that can be released through sale of assets and enhances our ability to capitalize on higher-return opportunities in the near term.”
About ReNew: ReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects. As of December 31, 2021, ReNew had a total capacity of 10.3 GW of renewable energy projects across India including commissioned and committed projects. For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power
Note: The INR/US$ exchange rate considered as 74.78.
Press Enquiries
Kamil Zaheer
Kamil.zaheer@renewpower.in
+91 9811538880
Madhur Kalra
Madhur.kalra@renewpower.in
+91 9999016790
Investors
Nathan Judge, CFA
Anunay Shahi
Ir@renewpower.in