ReNew Power, India’s largest renewable energy independent power producer, has signed off on joint venture partnership with South Korea’s GS E&C to help develop a 300MW PV project in Rajasthan, India.
This 300MW installation is part of the PV capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year.
This investment will stand as GS E&C’s first entry into the Indian renewable energy sector. As part of this partnership, ReNew Power will hold a majority 51% equity under the partnership, while the balance will be held by GS E&C.
ReNew Power’s Chairman & MD Sumant Sinha said: “We are delighted to be partnering with GS E&C for this project, as both ReNew Power and GS E&C are not only leaders in their respective businesses, but also bring excellent project execution and management skills. I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together.”
Huh Yun Hong, president and head of new business division of GS E&C, added: “We are pleased to take part in the national solar mission of India in partnership with ReNew Power, the leading company in the country’s renewable energy space. This remarkable project is the first step of our great journey putting the technical expertise and financial capability of both companies together. GS E&C and ReNew Power will continue to play an important role in achieving the country’s ambitious target for the transition to cleaner energy.”
With the commissioning of a 250MW solar plant in Bikaner, ReNew Power recently crossed the 5GW renewable energy generation threshold.