ReNew, India’s leading decarbonization solutions company listed on Nasdaq, and Gentari, the clean energy unit of Malaysian oil and gas supplier Petronas, have announced their strategic collaboration to achieve 5 GW of renewable energy generation capacity in India.
The two companies, through their arms ReNew Power and Gentari Renewables India, executed key terms for a 50:50 joint venture in clean energy solutions. The term sheet was exchanged between Sushil Purohit, chief executive officer of Gentari, and Sumant Sinha, founder, chairman and CEO of ReNew.
The proposed joint venture between Gentari and ReNew will explore investments into the development of renewable assets including solar, wind, and energy storage, targeting 5 GW of renewable energy capacity. The collaboration follows Gentari’s initial investment for a 49% equity stake in ReNew’s 403 MW peak power project in May this year.
“As partners, Gentari and ReNew can accelerate their decarbonization objectives, enabling Gentari to make substantial progress in expanding its renewable energy portfolio and achieving its global ambition to build over 30 GW in renewable energy capacity by 2030. For ReNew, this partnership ties in with its strategy of collaborating with long-term partners, accelerating renewable energy transition, and meeting its net zero target by 2040,” read a joint statement by the two companies.
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