Japanese investment firm Mitsui & Co is investing in the round-the-clock (RTC) renewable energy project being developed by ReNew Power and pick up a 49% stake in it.
DSK Legal advised ReNew Power and the team included Aparajit Bhattacharya (Partner), Harvinder Singh (Partner), Shruti Dogra (Principal Associate), and Manhar Gulani (Associate).
Bhattacharya acted as the lead engagement partner for ReNew on this landmark transaction.
Trilegal represented Mitsui on the transaction.
Mitsui will contribute to the Project by using its accumulated knowledge of the electric power business in Japan and other countries.
ReNew Surya Roshni Private Limited, will act as the joint-venture vehicle for the Project, which will be owned and operated by ReNew Power and Mitsui, with 51:49 shareholding, respectively.
The total project cost is set at US$ 1.35 billion (approximately ₹10,252 crore), as per the press release issued by Mitsui on April 6, 2022.
The said Project is the first of its kind RTC project in India, which will provide lowest cost and emission-free 24X7 renewable electricity. The Project will consist of three newly built wind farms and one solar plus battery storage farm (1,300 MW in total and 100 MWh battery storage) and will span across the states of Rajasthan, Maharashtra and Karnataka.
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