JERA, a joint venture company of two of Japan’s largest utility companies – Tokyo Electric Power and Chubu Electric Power, invested $200 million for a 10 percent stake in India’s ReNew Power marking their entry into the Indian energy sector. With this investment, ReNew Power is being valued at approximately $2 billion according to the company.
“As a ReNew Power shareholder, we will seek to contribute to the company by making available technical, operational, project development, and management experience gained through our global power businesses. We look forward to strengthening our relationship with ReNew Power and making a positive contribution to India’s economic growth and environmental sustainability by leveraging and augmenting ReNew Power’s success in developing its renewable energy capacity,” said Yuji Kakimi, President of JERA.
This investment is expected to help ReNew gain a larger foothold in India’s Renewable Energy sector commented Mercom’s source at ReNew Power.
Some of the other investors in ReNew Power include Goldman Sachs, Abu Dhabi Investment Authority, Asian Development Bank, and Global Environment Fund.
According to Mercom’s India Solar Project Tracker, ReNew Power has 317.5 MW of operational solar projects and 1.3 GW of solar projects under development. ReNew Power’s solar project pipeline was the largest in India as of December, 2016.
Image credit: ReNew Power