ReNew Energy, Gentari announce clean energy JV in India with 5GW target
ReNew Energy Global Plc and clean energy provider Gentari have made a crucial move towards expanding their renewable energy capacity, agreeing on key terms for a joint venture (JV) in clean energy solutions. The agreement was exchanged between Sushil Purohit, CEO of Gentari, and Sumant Sinha, CEO of ReNew, with a plan to invest in the development of renewable assets such as solar, wind, and energy storage. The duo aims to achieve a substantial 5GW in renewable energy capacity in India through this 50:50 partnership.
Earlier this year, Gentari made an initial investment for a 49% equity stake in ReNew Energy Global’s 403MW Peak Power project. With this new partnership, both companies will fast-track their decarbonisation efforts. This will allow Gentari to significantly expand its renewable energy portfolio towards its ambitious global goal of building over 30 GW in renewable energy capacity by 2030.
In line with ReNew Energy Global’s strategy, this collaboration will help speed up the renewable energy transition and support the company in reaching its net-zero target by 2040.
Sushil Purohit, CEO of Gentari, expressed excitement about this strategic collaboration, mentioning the potential for accelerated development of renewable assets in India. He highlighted the shared vision and expertise of both companies as key drivers for sustainable growth in India’s renewable energy sector.
On the other hand, Sumant Sinha, CEO of ReNew Energy Global, welcomed Gentari as a crucial partner in achieving their clean energy transition goal. He underscored the importance of this partnership in creating innovative solutions that will significantly contribute to India’s aim of achieving 500GW of installed renewable energy capacity by 2030.
Recently, ReNew Energy Global signed Memorandums of Understanding with Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) that are collectively worth INR 640 billion (approximately $7.8 billion) for green energy projects.