Feb 14 (Renewables Now) - The planned investment in ReNew Power Ventures Pvt Ltd by Japanese power company JERA Co Inc values the Indian renewable energy firm at about USD 2 billion (EUR 1.88bn), ReNew Power said today.
As previously reported, the joint venture between Tokyo Electric Power Co (TYO:9501), or TEPCO, and Chubu Electric Power Co (TYO:9502) will acquire a 10% stake in ReNew Power for USD 200 million. This marks JERA’s first investment in India’s energy sector and also its maiden foray into renewable energy as a whole, the company said in a news release.
“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,” JERA president Yuji Kakimi said in a statement.
JERA also said that expanding its renewables portfolio will be an integral part of its plans to secure sustainable growth.
At present, ReNew Power has 1.5 GW of commissioned wind and solar capacity and has an additional 1.8 GW of assets under construction across India. The company’s current majority owner is US investment bank Goldman Sachs Group Inc (NYSE:GS). Other investors include the Abu Dhabi Investment Authority, Asian Development Bank (ADB) and Global Environmental Fund.
In an interview with Bloomberg News last September, the founder and CEO of ReNew Power, Sumant Sinha, said that the company could pursue an initial public offering (IPO) during the next fiscal year, which starts in April.
(USD 1.0 = EUR 0.941)