GURUGRAM, India – 26 July 2023 – 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.
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
collaboration between the parties follows Gentari’s initial
investment for a 49% equity stake in ReNew’s 403 MW Peak
Power project in May this year.
As partners, Gentari
and ReNew can accelerate their decarbonisation objectives,
enabling Gentari to make substantial progress in expanding its
renewable energy portfolio and achieving its global ambition to
build over 30 GW in renewable energy capacity by 2030. For ReNew,
this partnership ties in with its strategy of collaborating with
long-term partners, accelerating renewable energy transition and
meeting its net zero target by 2040.
“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,” said Sushil Purohit, Chief Executive Officer of
Gentari.
Sumant Sinha, Founder, Chairman and CEO of
ReNew said, “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.”