ReNew and Gentari announce strategic collaboration for 5 GW renewable capacity in India
26 Julho 2023 - 10:21AM
Business Wire
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.
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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.”
About Gentari
Gentari is a clean energy company focused on delivering the net
zero solutions required to put cleaner energy into action today, to
transform how we live tomorrow. Gentari offers lower carbon
solutions through three initial core pillars – Renewable Energy,
Hydrogen and Green Mobility, forming a portfolio of solutions
cutting across the electron value chain to help customers achieve
net zero emissions. In the long term, Gentari aims to be a
full-suite net zero solutions provider, creating greater value,
connecting businesses, and making the journey to net zero possible.
For more information, visit www.gentari.com.
About ReNew
ReNew is India’s leading decarbonisation solutions company
listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy
portfolio of ~13.7 GW on a gross basis as of March 31, 2023, is one
of the largest globally. In addition to being a major independent
power producer in India, ReNew provides end-to-end solutions in a
just and inclusive manner in the areas of clean energy, value-added
energy offerings through digitalisation, storage, and carbon
markets that increasingly are integral to addressing climate
change. For more information, visit renew.com and follow us on
LinkedIn, Facebook, Twitter and Instagram.
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Press Enquiries Gentari | Ravinesh Uthayasuriyan (Rantau)
| ravinesh@rantaupr.com.my | +6012 581 6851 ReNew | Shilpa Narani |
shilpa.narani@renew.com | +91 9999384233
Investor Enquiries ReNew | Nathan Judge, Nitin Vaid |
ir@renew.com
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