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Home » News » ReNew Energy, Genatri to jointly develop clean energy solutions in India

ReNew Energy, Genatri to jointly develop clean energy solutions in India

July 27, 2023 12:48 pm

ReNew Energy, Genatri to jointly develop clean energy solutions in India
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In order to work together on a 50:50 joint venture in clean energy solutions, ReNew Energy Global Plc (“ReNew”), India’s top provider of decarbonisation solutions, through its subsidiary ReNew Power Pvt. Ltd., and clean energy solutions provider Gentari, through its subsidiary Gentari Renewables India Pte. Ltd., have signed key terms. Sushil Purohit, the CEO of Gentari, and Sumant Sinha, the founder, chairman, and CEO of ReNew, exchanged the term sheet. 

Gentari and ReNew will work together as part of this planned joint venture to investigate investments into the development of renewable assets, such as solar, wind, and energy storage, in order to reach a target of 5 GW in renewable energy capacity. The companies’ cooperation comes after Gentari’s first 49 percent equity interest investment in ReNew’s 403 MW Peak Power project in May of this year.

As partners, Gentari and ReNew can advance their decarbonisation goals, allowing Gentari to significantly advance the growth of its renewable energy portfolio and realise its global ambition to construct more than 30 GW of renewable energy capacity by 2030. This agreement fits in with ReNew’s long-term partnership plan, which includes speeding the switch to renewable energy and attaining its net zero goal by 2040.

Sushil Purohit, Chief Executive Officer of Gentari commented, “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. With our aligned vision and extensive expertise, we aim to drive rapid progress in expanding India’s renewable energy capacity and fostering sustainable growth.”

Sumant Sinha, Founder, Chairman and CEO of ReNew added, “We are delighted to welcome Gentari as a strategic partner in our 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.”

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