A new renewable energy power generation company is reportedly taking shape in India with Singapore’s state investment firm Temasek Holdings Pte. and Swedish private-equity firm EQT Partners as potential investors.
Business daily Mint reports that two former senior officials of Ostro Energy are planning to float a new venture to set up renewable energy projects across India. Ostro Energy was acquired by one of India’s leading renewable energy generation companies ReNew Power Limited for $1.5 billion last year. 
Ostro Energy has assets of 1.1 gigawatts when it was acquired by ReNew Power which was on an acquisition blitzkrieg and also absorbed wind energy assets of KCT Group. ReNew Power also acquired some solar power assets from Suzlon Energy.
Interestingly, the two former officials of Ostro Energy are taking the same path taken by several others before them. ReNew Power Chairman Sumant Sinha earlier worked as the Chief Operations Officer at Suzlon Energy. Sinha floated ReNew Power in 2011 with investment from Goldman Sachs and has attracted investments from Japan’s JERA, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, and Global Environment Fund.
A similar path was taken by Vineet Mittal, the Managing Director of Welspun Energy — one of the early leaders in solar power project development in India. Welspun was acquired by Tata Power Renewable Energy in 2016 for $1.4 billion.
Vineet Mittal went on to float a new company — Avaada Energy — which attracted investments from Asian Development Bank, Germany’s DEG, and Dutch development bank FMO. The company currently claims an installed capacity of 1 gigawatt of solar and wind energy capacity spread across India.
Clearly, despite the recent hiccups the Indian renewable energy market remains highly attractive for international investors. We recently covered that Canada’s Brookfield Asset Management is looking to acquire project developer Mytrah Energy. India conglomerate Piramal Group and Canada Pension Plan Investment Board are reportedly looking to partner for a renewable energy Investment Infrastructure Trust (an Indian version of yieldco companies). ExxonMobil is also reported to be in talks with India’s largest gas transmission company GAIL (India) for a renewable energy joint venture.
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