AZRE - Azure Power divests non-core solar rooftop portfolio to Radiance Renewables

Azure Power Global (AZRE) signed a binding agreement to sell its non-core solar rooftop portfolio to Radiance Renewables, for $73.5M, subject to purchase price adjustments.Proceeds are expected to be received before Dec. 31, 2021. Radiance is India's leading providers of competitive renewable energy solutions for commercial, industrial and residential customers and a 100% subsidiary of the Green Growth Equity Fund, India's leading Climate fund, managed by EverSource Capital.The rooftop portfolio generated $4.5M in EBITDA for the 12 months ending Dec. 30, 2020; excluding rooftop revenues new FY22 revenue guidance is $236-$249M.In addition, the company now expects G&A (excluding stock compensation expenses and transaction costs) to be ~$20M vs. earlier guidance of $22M inclusive of the rooftop portfolio.It expects to take an estimated $40-$60M one-time charge subject to purchase price adjustments and other conditions related to this sale.As part of the sale agreement, 48.6% of the equity ownership in the 42.7 MWs (part of the Restricted Groups) will

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Azure Power divests non-core solar rooftop portfolio to Radiance Renewables