ReNew Power Ltd. has sold its Karnataka wind farms to UK-backed Ayana Renewable for Rs 1,600 crore, according to the people known of the matter.
The two parties has inked a definitive agreement for transferring the wind farms portfolio of ReNew Power which is located in four Karnataka districts of Raichur, Bijapur, Belgaum and Bellary over the weekend, putting an end to the six month negotiation that place in the deal. The wind farms are able to generate 300 megawatts (MW) of energy.
The deal discussions are said to be dragged over a legal dispute which is to be resolved between the Karnataka government-owned power distribution company (Discom) and ReNew Power. The completion of the deal is not incumbent upon the resolution of dispute between the supplier (ReNew) and the Karnataka government’s discom. 
The deal with Ayana Renewable will help ReNew for reducing its debt and in generating cash. According to the sources, Goldman Sachs-backed ReNew Power is exploring some part of its portfolio as a strategy to ‘monetise’ its assets which are mature and have generated returns for shareholders. It is expected that the company will use gains from such profitable divestments for its re-investment in new energy projects, the source explained.