Suzlon Group has announced its acquisition of a 76% stake in Renom Energy Services Private Limited, a top multi-brand renewable energy operations and maintenance service company in the country.
What Happened: On Tuesday, the Pune-based wind major confirmed that it has signed definitive agreements to acquire a 76% stake in Renom Energy Services. The acquisition will be carried out in two stages, with an immediate purchase of 51% for ₹400 crore, and an additional 25% within 18 months for ₹260 crore.
Renom, which currently manages assets of 1,782 megawatts in wind, 148 megawatts in solar, and 572 megawatts in BOP, will continue to operate as an independent board-managed ISP (Independent Service Provider) after the acquisition. The deal is expected to boost Renom’s core potential and position it as a leading custodian of multi-brand renewable energy assets.
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“This acquisition gives the Suzlon Group a comprehensive presence and penetration into the non-Suzlon segments of the Indian Wind Energy Services industry,” the company said in a press release.
Girish Tanti, vice chairman of the Suzlon Group, stated, “This acquisition aligns with Suzlon Group's vision of leveraging growth while safeguarding our country's renewable energy assets, irrespective of their original make.”
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