Indian independent power producer (IPP) ReNew Power and Malaysian Gentari’s Indian subsidiary, Gentari Renewables India, have established a joint venture (JV) to target 5GW of new renewable energy capacity.
The 50:50 partnership will pursue solar, wind and storage asset opportunities across India, and follows Gentari’s previous purchase of a 49% stake in ReNew’s 403MW Peak Power PV project.
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“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,” said Sushil Purohit, CEO of Gentari. The company has plans to develop 30GW of renewables worldwide by 2030.
Sumant Sinha, founder, chairman and CEO of ReNew said: “This partnership will be crucial in developing innovative solutions which will contribute significantly to India’s 2030 goal of achieving 500GW of installed renewable energy capacity.”
A report from JMK Research earlier this week showed that Indian solar PV deployments fell almost 20% in the first half of this year, which continued the difficult trend in the country’s solar market of late that has called its 500GW target into question.
In April, Renew Power raised US$400 million to support its growth and refinance existing debt.
Gentari – a subsidiary of oil major Petronas – signed an agreement with French fossil fuel giant TotalEnergies last month to develop a 100MW solar project in Queensland, Australia.