Japanese firm JERA invests $200 mn in ReNew Power
Making entry into the Indian market, Japanese energy major JERA has picked up 10 per cent stake for USD 200 million in ReNew Power Ventures.
A joint venture between two of Japan s largest utilities, Tokyo Electric Power Co, Inc and Chubu Electric Power Co, Inc, JERA operates 6 GW of energy assets globally across North America, the Middle East and SE Asia.
The investment in ReNew Power, marks its first entry into India s energy sector.
The latest investment round now values ReNew Power at USD 2 billion, ReNew Power Ventures Pvt Ltd said in a statement.
JERA’s capabilities expand across in the entire energy supply chain, from LNG and other fuel resource projects and procurement to power generation, the statement said.
President of JERA Yuji Kakimi said: “As a ReNew Power shareholder, we will seek to contribute to the company by making available technical, operational, project development, and management experience gained through our global power businesses.”
Founded in 2011 by Sumant Sinha and funded by Goldman Sachs, who remains the majority shareholder, ReNew Power is an independent producer in solar and wind power solutions.