In what can be termed as the largest investment in India's renewable energy sector, ReNew Wind Power, a renewable energy independent power producer (IPP), has announced that it had secured an equity investment of Rs.1,000 crore from Goldman Sachs, a leading global investment bank and active investor in alternative energy/clean technology.
In a statement issued here, the company said it had signed business framework agreements with Kenersys GmBH, Regen Powertech Pvt and Suzlon Energy to establish and operate wind farms throughout India and will expand its wind portfolio by 200-300 MW annually.
Projects
Currently, ReNew Wind Power has several wind projects under development, including a 25 MW wind farm in Gujarat and a 60 MW wind farm in Maharashtra. By 2015, the company aims to reach a 1 GW capacity, the statement added.
Sumant Sinha CEO, ReNew Wind Power said: “this is a very exciting day for us. This deal reinforces our commitment to developing sustainable energy solutions for India. Goldman Sachs' global experience and network in the alternative/clean technology industry will provide us with additional momentum. Our vision is to be the leading renewable energy generation company in India”.
Ankur Sahu, co-head of private equity in Asia at Goldman Sachs, said this investment underscored Goldman Sachs' continued commitment to India and support for the country's clean energy needs. ReNew Wind Power stands out as an example of Indian entrepreneurial excellence and we look forward to teaming with the management, both financially and operationally, to help the company become a leader In India's renewable energy sector.
