ReNew Power announces joint venture with Korean major GS E&C

ReNew Power Private Limited (ReNew Power), one of India’s largest renewable energy independent power producers, announced a joint venture partnership with South Korea based GS E&C for execution of its 300 MW solar power plant in Rajasthan. The project is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year. GS E&C is one of South Korea’s largest construction and development firms and part of the GS Group, with an asset base of over $58 billion. This investment will mark the entry of GS E&C in the Indian renewable energy sector. Commenting on the partnership, ReNew Power’s Chairman and MD Sumant Sinha said, “We are delighted to be partnering with GS E&C for this project, as both ReNew Power and GS E&C are not only leaders in their respective businesses, but also bring excellent project execution and management skills. I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together “ReNew Power will hold a majority 51 percent equity under the partnership, while the balance will be held by GS E&C. “We are pleased to take part in the national solar mission of India in partnership with ReNew Power, one of the leading company in the country’s renewable energy space.

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