ReNew announces its 5 GW partnership with Petronas
renewable energy portfolio comprising of solar, wind and energy storage projects. This comes in the backdrop of ReNew lining an ambitious ₹35,000 crore capital expenditure plan. Mint reported about the proposed partnership on 8 August last year for setting up green energy projects in India in JV mode.
“ReNew Energy Global Plc (“ReNew") (Nasdaq: RNW, RNWWW), India's leading decarbonisation solutions company, through its subsidiary ReNew Power Pvt. Ltd. (ReNew) and clean energy solutions provider Gentari, through its subsidiary Gentari Renewables India Pte.
Ltd., have executed key terms to collaborate on a 50:50 joint venture in clean energy solutions. The term sheet was exchanged between Sushil Purohit, Chief Executive Officer of Gentari and Sumant Sinha, Founder, Chairman and CEO of ReNew." ReNew said in a statement. “As part of this proposed joint venture, Gentari and ReNew will collaborate to explore investments into the development of renewable assets including solar, wind and energy storage, to achieve a target of 5 GW in renewable energy capacity," the statement added.
ReNew recently announced the Gentari’s plan to purchase a 49% equity stake in ReNew’s 403 megawatt (MW) peak power project. In June last year, Petronas set up a unit, Gentari Sdn Bhd, to accelerate the adoption of clean energy and build a renewable energy capacity of 40GW, supplying 1.2 mtpa of green hydrogen and setting up electric vehicle (EV) charging points across the Asia Pacific, with a focus on Malaysia and India. Queries emailed to the spokespersons of ReNew Energy Global PLC and Petronas on late Tuesday night about the deal value remained unanswered till press time.
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