Japanese Firm JERA Invests $200 Million In ReNew Power

Japanese Firm JERA Invests $200 Million In ReNew Power

ReNew Power was founded in 2011 by Sumant Sinha and funded by Goldman Sachs.

New Delhi: Making entry into the Indian market, Japanese energy major JERA has picked up 10 per cent stake for $200 million in ReNew Power Ventures.

A joint venture between two of Japan's largest utilities, Tokyo Electric Power Co, Inc and Chubu Electric Power Co, Inc, JERA operates 6 GW of energy assets globally across North America, the Middle East and SE Asia.

The investment in ReNew Power, marks its first entry into India's energy sector.

The latest investment round now values ReNew Power at $2 billion, ReNew Power Ventures Pvt Ltd said in a statement.

JERA's capabilities expand across in the entire energy supply chain, from LNG and other fuel resource projects and procurement to power generation, the statement said.

President of JERA Yuji Kakimi said: "As a ReNew Power shareholder, we will seek to contribute to the company by making available technical, operational, project development, and management experience gained through our global power businesses."

Founded in 2011 by Sumant Sinha and funded by Goldman Sachs, who remains the majority shareholder, ReNew Power is an independent producer in solar and wind power solutions.

Chairman and CEO of ReNew Power Sumant Sinha said: "We are delighted that JERA has chosen to enter the Indian renewable energy sector by investing in our ever-expanding and fast-growing company. Their belief and investment in us further reinforces our capabilities and commitment towards changing the future of India through transforming our country's energy landscape."

Co-Head of private equity in Asia at Goldman Sachs Ankur Sahu said: "An investment from a preeminent organisation like JERA is an important corporate milestone."

In April 2016, ReNew Power became the first company in India to achieve 1 GW of commissioned wind and solar energy capacity.

In November 2016, the company was mandated to install 5 MW of renewable energy capacity across India for state-owned Indian Railways and emerged as the largest winner of the Solar Energy Corporation of India's roof top auction, where 10 percent of the total capacity of 500 MW was won.

ReNew Power has a commissioned capacity of 1.5 GW with an additional 1.8 GW of assets under construction across India, it added.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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