India’s ReNew Power Eyes 1 GW Renewable Energy Capacity In 3 Months
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Goldman Sachs-backed renewable energy projects developer ReNew Power Ventures is working aggressively to expand its market share.
Local media reports have stated that ReNew Power Ventures is looking at an operational base of 1 GW within the next 3 months. A huge majority of this capacity will be based on wind energy technology.
ReNew Power Ventures will hope to make as much wind energy capacity operational as possible before the monsoon season starts in late-April to early-May. The company is believed to have an operational wind energy base of around 640 MW across various states in India.
In addition to wind energy projects, the company is also looking to commission large-scale solar power projects. ReNew Power has a 50 MW solar power project operational in the state of Madhya Pradesh. Additionally, the company also has close to 700 MW capacity in pipeline.
Apart from setting up projects on its own, the company will also look to acquire renewable energy projects up for sale in the country. ReNew Power raised $265 million in the latest equity funding round from the entities.
According to market rumors, a significantly large capacity of wind and solar power projects in India is up for sale. Renewable energy project developers are looking to raise funds to further expand their operational base and are looking to shed some assets. Some of them, including ReNew Power, were able to raise equity funding this year. The top 5 private equity deals in the renewable energy sector in India in 2015 had a cumulative value of over $1 billion.
ReNew Power Ventures itself targets an installed capacity of 6.5 GW solar power and 5 GW wind energy over the next 5 years. The company has raised a total of $370 million from private equity investors, mostly Goldman Sachs.
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