ReNew Energy Global Plc, India’s leading decarbonisation solutions company, through its subsidiary ReNew Power, and clean energy solutions provider Gentari, through its subsidiary Gentari Renewables India, have executed key terms to collaborate on a 50:50 joint venture in clean energy solutions.
The term sheet was exchanged between Gentari chief executive officer Sushil Purohit (main image, left), and Sumant Sinha, ReNew’s founder, chairman and chief executive officer.
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.
The collaboration between the parties follows Gentari’s initial investment for a
49 per cent equity stake in ReNew’s 403 MW Peak Power project in May.
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.
“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 Purohit.
“With our aligned vision and extensive expertise, we aim to drive rapid progress in expanding India’s renewable energy capacity and fostering sustainable
growth.”
Sinha welcomed Gentari as a strategic partner in his company’s goal of accelerating the clean energy transition.
“This partnership will be crucial in developing innovative solutions which will contribute significantly to India’s 2030 goal of achieving 500 GW
of installed renewable energy capacity,” Sinha added.