Independent power producer ReNew Power Private Limited has announced a joint venture partnership with South Korea’s GS E&C for the construction of a 300 MW solar power project in Rajasthan.

The project is part of the Solar Energy Corporation of India’s (SECI) tranche-IV auctions, which were concluded earlier this year. The Gurgaon-based power producer said it would hold a 51% majority of the total equity.

The partnership will mark the South Korean construction and development firm’s entry into the Indian renewable market.

“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,” said Huh Yun Hong, GS E&C president and head of the new business.

In its press statement, the company stated that it has over 5 GW of renewable energy generation capacity following the commissioning of a 250 MW solar project in Bikaner.

As of November 29, 2019, ReNew Power had a portfolio of nearly 2 GW of solar projects in operation in the country, with about 1.4 GW capacity under development, according to Mercom India’s Solar Tracker.

Earlier, the company announced that it raised $300 million through a rights issue. A rights issue is when a company issues its existing shareholders a right to buy additional shares in the company. According to its press statement, Goldman Sachs, Abu Dhabi Investment Authority (ADIA), and Canada Pension Plan Investment Board (CPPIB) subscribed to the issue with each of the shareholders infusing $100 million into it.

According to Mercom India’s India Market Leaderboard 1H 2019, ReNew Power was second in terms of large-scale solar projects installed in India in the first half of the year with a market share of 12.9%. Azure Power held the top spot with a market share of 15.5%.

Image credit: Activ Solar [CC BY-SA 2.0]