ReNew, Gentari Enter JV to Develop 5 GW of Renewable Assets in India
The collaboration will help the companies meet their net zero goals
Independent renewable power producer ReNew signed a 50:50 joint venture agreement with clean energy solutions provider Gentari to develop solar, wind, and energy storage assets to achieve a clean power capacity target of 5 GW in India.
The partnership follows Gentari’s initial investment for a 49% equity stake in ReNew Power’s 403 MW power project that the latter announced in May this year.
Gentari offers lower carbon solutions through renewable energy, hydrogen, and green mobility. The company aims to establish its reach across the electron value chain through collaboration to help customers achieve their net zero emission goals.
The partnership will help Gentari expand its renewable energy portfolio and support its target to build more than 30 GW of renewable energy capacity by 2030 globally.
Under the collaboration, ReNew Power will accelerate its strategies with long-term partners to bolster the power producer’s net-zero goals by 2040.
Founder, Chairman, and CEO of ReNew Sumant Sinha said, “We are delighted to welcome Gentari as a strategic partner in our goal of accelerating the clean energy transition. This partnership will be crucial in developing innovative solutions which will contribute significantly to India’s 2030 goal of achieving 500 GW of installed renewable energy capacity.”
CEO of Gentari Sushil Purohit said, “We are elated to embark on this strategic collaboration with ReNew, as it holds tremendous potential for accelerating the development of renewable assets in India. With our aligned vision and extensive expertise, we aim to drive rapid progress in expanding India’s renewable energy capacity and fostering sustainable growth.”
Earlier this month, ReNew Power’s special purpose vehicle, ReNew Dinkar Urja got approval from the Ministry of Power to set up overhead transmission lines for a 200 MW solar power project in Rajasthan’s Bikaner. The approval has been granted for 25 years.
ReNew recorded a net profit of ₹74 million (~$1 million) in the fourth quarter of the financial year 2023, compared to a net loss of ₹3.5 billion (~$43 million) year-over-year.