Torrent Power Limited (NSEI:TORNTPOWER) is in talks to buy clean power projects totalling 1.1 gigawatts (GW) from ReNew Energy Global Plc (NasdaqGS:RNW) at an enterprise value of around $1.2 billion, two people aware of the development said. Torrent Power has submitted a non-binding offer (NBO) for ReNew's solar and wind power assets of 350 megawatts (MW) and 750MW, respectively, at an equity value of around $450 million, the people cited above said on the condition of anonymity, adding discussions on valuation are continuing. "No sell-side bank has been appointed for this transaction by ReNew.

The talks over valuation are underway between Torrent and ReNew," one of the two people cited above said. While a ReNew Energy Global Plc spokesperson declined to comment, queries mailed to Torrent Power spokesperson remained unanswered till press time.