Japanese utility JV invests in India’s ReNew Power

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ReNew currently operates 1.5GW of renewables assets and has 1.8GW under construction. Credit: ReNew Power.

UPDATED: Japan’s Jera Co, a joint venture between Tokyo Electric Power Group (TEPCO) and the Chubu Electric Power Group, has acquired a 10% stake, worth US$200 million, in Indian renewables firm ReNew Power Ventures Private Limited.

In Jera's first major transaction in the renewable energy space, a wholly-owned Jera subsidiary, has subscribed to newly issued shares from ReNew.

ReNew currently operates 1.5GW of renewables assets and has 1.8GW under construction. Following the company’s founding six years ago, this latest investment round now values ReNew Power at US$2 billion.

The company has already received investments from the likes of Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank (ADB), and Global Environment Fund (GEF).

A statement from Jera said that the company “looks forward to strengthening its relationship with ReNew and our co-shareholders in ReNew, and to making a positive contribution to India's economic growth and environmental sustainability through ReNew's success in developing its renewable energy capacity”.

Sumant Sinha, chairman and CEO of ReNew Power said, “We are delighted that JERA has chosen to enter the Indian renewable energy sector by investing in our ever-expanding and fast-growing company. Their belief and investment in us further reinforces our capabilities and commitment towards changing the future of India through transforming our country’s energy landscape. ReNew Power will continue to focus on developing sustainable and innovative solar and wind energy solutions and investing in high-quality projects to create positive returns for our stakeholders.

ReNew recently secured US$390 million funding from the Asian Development Bank (ADB).

The firm also raised INR5 billion (US$73.8 million) in green bonds to refinance debt for 90MW of wind projects in central India last November.

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