JSW Energy JSW Renewable Energy, a unit of Reliance Power, has signed an agreement to acquire Reliance Power’s 45 MW wind power project at Washpet, Maharashtra for Rs 132 crore. Reliance Power said in a stock exchange filing on Friday that JSW Renewable Energy (Coated) Limited is a wholly owned subsidiary of JSW Neo Energy Limited.
Accordingly, Reliance Power has signed a sale agreement with JSW Renewable Energy for Rs 132 crore for the sale of its 45 MW wind power project at Washpet, Maharashtra. The deal is likely to be completed by May 21, 2024. . According to company sources, the proceeds from the sale will be used to repay the loan.
Reliance Power aims to become a debt-free company by the end of this financial year. The total debt of Reliance Power as of March 31, 2023 was approximately Rs 700 crore. Reliance Power is repaying its outstanding loans with banks. Sources said it has repaid its loans with three banks – DBS Bank, ICICI Bank and Axis Bank – in the last three months.
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