ReNew Power and clean energy solutions provider Gentari on Wednesday announced a strategic collaboration to form a 50:50 joint venture for exploring avenues to invest in 5 GW renewable capacity in India.
The collaboration between the parties follows Gentari's initial investment for a 49 percent equity stake in ReNew's 403 MW Peak Power project in May this year, a company statement said.
"ReNew Energy Global Plc through its subsidiary ReNew Power Pvt Ltd and clean energy solutions provider Gentari, through its subsidiary Gentari Renewables India Pte. Ltd, have executed key terms to collaborate on a 50:50 joint venture in clean energy solutions," it stated. The term sheet was exchanged between Sushil Purohit, Chief Executive Officer of Gentari and Sumant Sinha, Founder, Chairman and CEO of ReNew.
As part of this proposed joint venture, Gentari and ReNew will collaborate to explore investments in the development of renewable assets including solar, wind and energy storage, to achieve a target of 5 GW in renewable energy capacity. As partners, Gentari and ReNew can accelerate their decarbonisation 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, it stated. "With our aligned vision and extensive expertise, we aim to drive rapid progress in expanding India's renewable energy capacity and fostering sustainable growth, said Sushil Purohit, Chief Executive Officer of Gentari in the statement.
Gentari offers lower carbon solutions through three initial core pillars Renewable Energy, Hydrogen and Green Mobility, forming a portfolio of solutions cutting across the electron value chain to help customers achieve net zero emissions. ReNew Power is India's leading decarbonisation solutions company listed on Nasdaq. Its clean energy portfolio of 13.7 GW on a gross basis as of March 31, 2023, is one of the largest globally.
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