ReNew Energy Global Plc and Gentari have executed key terms to collaborate on an equal joint venture in clean energy solutions.
The agreement was reached through the companies’ subsidiaries — ReNew Power Pvt Ltd (ReNew) and Gentari Renewables India Pte Ltd, respectively. The term sheet was exchanged between Sushil Purohit, Chief Executive Officer of Gentari and Sumant Sinha, Founder, Chairman and CEO of ReNew.
Objective
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 per cent equity stake in ReNew’s 403-mw peak power project in May this year. This power project has a PPA with Solar Energy Corporation of India for supplying electricity at a peak tariff of Rs.6.85 per kwh and an off-peak tariff of Rs.2.88 per kwh.
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.
Strategic collaboration
“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.
Accelerating green energy transition
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.”
Featured photograph shows Sumant Sinha, Founder, Chairman and CEO, ReNew (right) with Sushil Purohit, CEO of Gentari, after signing the term sheet agreement to achieve a target of 5 GW RE capacity in India.
