Gurugram-based ReNew Power—the first Indian company to cross 5 GW renewables mark—has announced a joint venture with South Korea based GS E&C for execution of a 300 MW solar power plant in Rajasthan. ReNew Power will hold a majority 51% equity under the partnership, while the balance will be held by GS E&C.
The Rajasthan project is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year.
GS E&C is one of South Korea’s largest construction and development firms and part of the GS Group, with an asset base of over $58 billion. This investment will mark the entry of GS E&C in the Indian renewable energy sector.
Commenting on the partnership, ReNew Power’s Chairman and MD Sumant Sinha said, “We are delighted to be partnering with GS E&C for this project, as both ReNew Power and GS E&C are not only leaders in their respective businesses but also bring excellent project execution and management skills. I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together.”
“We are pleased to take part in the national solar mission of India in partnership with ReNew Power, the leading company in the country’s renewable energy space. This remarkable project is the first step of our great journey putting the technical expertise and financial capability of both companies together. GS E&C and ReNew Power will continue to play an important role achieving the country’s ambitious target for the transition to cleaner energy,” Huh Yun Hong, president and head of new business division of GS E&C said in a media statement.
ReNew Power recently crossed the 5GW renewable energy generation milestone with the commissioning of a 250 MW solar plant in Bikaner. It is now the 11th largest renewable energy company in the world (outside China), with assets valued at over $6.5 billion.
Announcing the feat soon after commissioning a 250 MW solar power plant in Bikaner, in Rajasthan, chairman and MD Sumant Sinha said the company will add 3 GW of generation capacity in two phases in the next 18 months. Of that figure, around 1.5 GW will be commissioned by the middle of next year.
The Indian developer is backed by investors including Goldman Sachs, the Abu Dhabi Investment Authority, the Canada Pension Plan Investment Board, the Global Environment Fund and JERA, a joint venture between two of Japan’s largest utilities – Tokyo Electric Power Co Inc and Chubu Electric Power Co.