The acquisition will "further strengthen the company’s vision of contributing to the Government of India’s 2022 goal of 175GW of renewable energy", ReNew Power stated.
To date, the acquisition is the biggest for ReNew Power, the company added. Neither party disclosed the cost of the deal.
ReNew currently has clean energy assets of more than 4.5MW, of which approximately 2.8GW is operational.
Wind accounts for just over 1.6GW of this operational capacity, according to ReNew Power’s website. It also has solar PV assets in its portfolio.
Ostro Energy, meanwhile, has more than 1.1GW of clean energy assets, including nearly 850MW in operation.
Wind accounts for just over 670MW of this operational capacity, according to Windpower Intelligence, the research and data division of Windpower Monthly.
The assets are spread across Andhra Pradesh, Karnataka, and Telangana states to the south, and Rajasthan, Madhya Pradesh and Gujarat states to the north.
The Canada Pension Plan Investment Board invested $247 million (INR 16 billion) to support financing for the acquisition.
It previously invested $144million in ReNew Power in January 2018.
ReNew acquired the wind power business of the KC Thapar Group in late 2017, including a three-project, 103MW operational portfolio.